Consumer Awareness
Important Information
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At BATT, we are committed to fostering financial literacy and empowering consumers through heightened awareness and we recognize the pivotal role that informed consumers play in maintaining a robust and resilient financial sector. Our mission is to provide valuable resources and educational initiatives that equip individuals with the knowledge and tools necessary to make informed financial decisions. Through a dedicated focus on consumer awareness, we aim to promote financial well-being, encourage responsible banking practices, and ultimately contribute to the overall economic stability of Trinidad and Tobago. Explore our website to access a wealth of information, educational materials, and insights that empower you to navigate the complex landscape of personal finance with confidence and clarity.
Confidentiality
Client confidentiality is important in finance to protect the privacy and security of client information, prevent fraud and identity theft, maintain trust between financial institutions and clients, and comply with legal and ethical obligations.
Confidentiality towards a customer.
Your Privacy & Confidentiality:
Client confidentiality is important in finance to protect the privacy and security of client information, prevent fraud and identity theft, maintain trust between financial institutions and clients, and comply with legal and ethical obligations. A Bank acknowledges that it has a general duty of confidentiality towards a Customer except in the following circumstances:
- Where disclosure is compelled by law.
- Where there is a duty to the public to disclose.
- Where the interests of the Bank require disclosure; or where disclosure is made with the express or implied consent of the Customer.
- A Bank shall not collect information relating to Customers by unlawful means.
- A Bank shall, on request, provide a Customer with information about that Customer which is readily accessible to the Bank and which may lawfully be provided. The information required to be provided is limited to the Bank’s record of the Customer’s address, occupation, marital status, age, sex, Accounts with the Bank and balances and statements relating to those Accounts (“the code of Banking Practice”).
- A Bank need not comply with a request unless the Customer has, as clearly as possible, identified the Customer information requested and its likely location (if known to the Customer).
- A Bank may recover its reasonable costs of supplying Customer information to a Customer.
- A Customer of a Bank may request the correction of Customer information about the Customer held by the Bank.
- A request for access to Customer information, or a request for the correction of Customer information, shall be addressed within a reasonable time.
- A Bank may not collect, use or disseminate information about a Customer’s: (i) political, social or religious beliefs or (ii) race, ethnic origins or national origins; or (iii) sexual preferences or practices; except that it may collect or use such information in accordance with the Code of Banking Practice for a proper commercial purpose.
- A Bank shall take reasonable steps to protect personal information held by it relating to a Customer against loss and against access, use, modification or disclosure that is unauthorised. A Bank shall require all staff with access to personal information concerning Customers to maintain confidentiality concerning that information.
- “Customer” includes an individual who would have been a Customer if the Code of Banking Practice had applied at the time that individual acquired a financial service.
Tips to help you resolve issues.
Dispute Resolution:
The Office of the Financial Services Ombudsman has been established by the Central Bank in conjunction with the commercial banks to handle complaints from individuals and small businesses in respect of products and services provided by the commercial banks and their licensed subsidiaries. The process shall apply the law and this Code and also may take into account what is fair to both the Customer and the Bank.
- OFSO contacts the financial institution and asks for a copy of their files and
seeks their views. - OFSO assesses the matter and holds discussions with parties to try and reach an agreement.
- If agreement is reached, the customer signs in full and final settlement, the
institution pays the amount agreed upon, if any, advises OFSO that the matter is settled, and we close our files on the matter.
- If no agreement is reached, either party may request the Ombudsman to make a recommendation for settlement or withdrawal of the complaint.
- The Ombudsman gives one month’s notice of intention to make a recommendation during which time further representation and fresh evidence may be provided by either party.
- If the Financial Services Ombudsman makes a recommendation, it may be accepted by the customer in full and final settlement of the matter within one month of receipt.
- Ombudsman sends acceptance received from customer to financial institution.
- If accepted by the financial institution, it complies with the terms of the recommendation and informs the Ombudsman of the settlement.
- If not accepted by a financial institution, it shall inform the Ombudsman within four (4) weeks of receipt of letter of acceptance.
- If the complaint is not settled by agreement or recommendation as above, the Ombudsman shall inform the parties of the intention to make an award.
- The award shall not be for an amount greater than $500,000.00.
- The award shall not be greater than the amount to compensate for direct loss or damage suffered by customer by reason of acts or omissions of the financial institution.
- Further representations may be made by either party within a period of 15 days of notice of making an award.
- If the customer accepts the award in full and final settlement and sends his or her acceptance to OFSO within one month of the issue of the award, it is binding on the financial institution.
- The financial institution shall comply within 15 days of the receipt of the letter of acceptance from OFSO and advise the Ombudsman accordingly.
- The Ombudsman shall report non-compliance of award by financial institution to the Central Bank.
How To Make A Complaint
- If you have a complaint against the banks, take it first to the branch or agency at which the transaction or incident occurred.
- If you do not get satisfaction at the branch or agency then take the matter to the dispute resolution centre of your financial institution, usually located at the head office of your institution.
- It is usually best to complain to your financial institution in writing. However, if you phone, ask for the name of the person to whom you are speaking. Keep a note of this information, the date, time of your call and the conversation. You may need to refer to this later.
- Try to stay calm and polite, however angry or upset you may be. You are more likely to explain your complaint clearly and effectively if you can stay calm. You will also be more likely to be given a sympathetic ear.
- If possible, start by contacting the person with whom you originally did the transaction. If the person cannot help, express to the person that you would like to take the matter further. Ask for details of the name or job title of the person who will be handling your complaint and ask for details of the
complaint’s procedure of the institution. - When you write a letter of complaint:
- Include the word ‘complaint’ as part of the caption.
- State the facts clearly and in logical order and stick to what is relevant.
- State clearly what the issue is and what you want the institution to do
about it. - Include important details such as the name on the account, the account
number. Remember to keep the letter as short as possible.
- Remember to enclose copies of any relevant documents that you believe would help to support your case.
- Keep a copy of all letters and the enclosures between you and the financial institution. You may need to refer to them later.
If you are not happy with the institution’s decision on your complaint, then you may bring your complaint to the Office of the Financial Services Ombudsman. The aim of this Office is to render impartial and prompt resolution to complaints. It is not a court of law and the parties do not, at any time, surrender their legal rights and are always free to seek alternative resolution, including taking the matter to court. The Office’s primary means of dispute resolution is mediation. If this is not possible, then a full investigation will begin into the matter leading to the Ombudsman’s making of a decision to settle the matter. Due to this not being a legal process, the Ombudsman’s recommendations are not binding except when an award made by the Ombudsman is accepted by the customer. In this case, the award is binding on the bank.
If you have lodged your complaint with your financial institution and you do not get a response within 2 months or, you have received a response before 2 months but you are not satisfied with the institution’s decision, kindly take note of the following steps:
- You must lodge your complaint within 180 days of receiving notification of the institution’s determination of the matter.
- Once the Ombudsman office is sure that the complaint was referred to the financial institution and it falls within their jurisdiction, you will be asked to complete a complaint form.
- Retrieve the complaint form from the Financial Ombudsman website.- https://www.ofso.org.tt/index.php/complaints-process/
- Print and fill out the form and sign it manually.
- If you have a representative acting on your behalf, both you and your representative must sign the form as an indication that you have agreed to allow the representative to act on your behalf and you have given us the authority to exchange confidential information between the institution and our Office.
- The form can be either emailed or delivered to the Ombudsman Office- info@ofso.org.tt
After the form is properly completed, the complaint may go through three stages, as
follows:
Stage I – Settlement By Agreement
Stage I – Settlement By Agreement
- OFSO contacts the financial institution and asks for a copy of their files and seeks their views.
- OFSO assesses the matter and holds discussions with parties to try and reach an agreement.
- If agreement is reached, the customer signs in full and final settlement, the institution pays the amount agreed upon, if any, advises OFSO that the matter is settled, and we close our files on the matter.
- If no agreement is reached, either party may request the Ombudsman to make a recommendation for settlement or withdrawal of the complaint.
- The Ombudsman gives one month’s notice of intention to make a recommendation during which time further representation and fresh evidence may be provided by either party.
- If the Financial Services Ombudsman makes a recommendation, it may be accepted by the customer in full and final settlement of the matter within one month of receipt.
- Ombudsman sends acceptance received from customer to financial institution.
- If accepted by the financial institution, it complies with the terms of the recommendation and informs the Ombudsman of the settlement.
- If not accepted by a financial institution, it shall inform the Ombudsman within four (4) weeks of receipt of letter of acceptance.
- If the complaint is not settled by agreement or recommendation as above, the Ombudsman shall inform the parties of the intention to make an award.
- The award shall not be for an amount greater than $500,000.00.
- The award shall not be greater than the amount to compensate for direct loss or damage suffered by customer by reason of acts or omissions of the financial institution.
- Further representations may be made by either party within a period of 15 days of notice of making an award.
- If the customer accepts the award in full and final settlement and sends his or her acceptance to OFSO within one month of the issue of the award, it is binding on the financial institution.
- The financial institution shall comply within 15 days of the receipt of the letter of acceptance from OFSO and advise the Ombudsman accordingly.
- The Ombudsman shall report non-compliance of award by financial institution to the Central Bank.
Stage I – Settlement By Agreement
- OFSO contacts the financial institution and asks for a copy of their files and seeks their views.
- OFSO assesses the matter and holds discussions with parties to try and reach an agreement.
- If agreement is reached, the customer signs in full and final settlement, the institution pays the amount agreed upon, if any, advises OFSO that the matter is settled, and we close our files on the matter.
- If no agreement is reached, either party may request the Ombudsman to make a recommendation for settlement or withdrawal of the complaint.
- The Ombudsman gives one month’s notice of intention to make a recommendation during which time further representation and fresh evidence may be provided by either party.
- If the Financial Services Ombudsman makes a recommendation, it may be accepted by the customer in full and final settlement of the matter within one month of receipt.
- Ombudsman sends acceptance received from customer to financial institution.
- If accepted by the financial institution, it complies with the terms of the recommendation and informs the Ombudsman of the settlement.
- If not accepted by a financial institution, it shall inform the Ombudsman within four (4) weeks of receipt of letter of acceptance.
- If the complaint is not settled by agreement or recommendation as above, the Ombudsman shall inform the parties of the intention to make an award.
- The award shall not be for an amount greater than $500,000.00.
- The award shall not be greater than the amount to compensate for direct loss or damage suffered by customer by reason of acts or omissions of the financial institution.
- Further representations may be made by either party within a period of 15 days of notice of making an award.
- If the customer accepts the award in full and final settlement and sends his or her acceptance to OFSO within one month of the issue of the award, it is binding on the financial institution.
- The financial institution shall comply within 15 days of the receipt of the letter of acceptance from OFSO and advise the Ombudsman accordingly.
- The Ombudsman shall report non-compliance of award by financial institution to the Central Bank.