The information from this article is based on an interview with Dominic Stoddard of the Office of the Financial Services Ombudsman, on the Straight the BATT live show.
“Many people think about consumer rights, but to a large extent it overlaps heavily with the responsibilities of a consumer; whether it be a financial or a general consumer” stated Dominic Stoddard on the Bankers Association of Trinidad & Tobago’s live series, “Straight off the BATT”. He is the Financial Services Ombudsman of T&T and the head of the National Financial Literacy Programme.
Stoddard shared two of the main responsibilities of a consumer in T&T. They are:
- Understanding Your Needs
As a consumer, there are many factors you may consider before making the decision to purchase a product or service. In the financial services space, you have a responsibility to understand your needs as a consumer. For example, if you would like to open a new bank account, you should firstly determine the purpose of the account, then do your research on the different types of accounts that the banks offer before making your decision. Once you are capable of identifying your needs, you’re then better able to understand which product suits you best.
- Reading the Fine Print
As a consumer, you are well within your right to say ‘no’. You also have the ability to shop around before making a final decision. Therefore, the onus is on you to thoroughly understand what you are signing up for. This means that you will have to read the fine print and ensure that you understand the terms and conditions of the products or services for which you would like to engage.
Stoddard stated that the most empowering thing that an individual can do for themselves is to build a history of responsible financial behaviour. He also shared that the National Financial Literacy Programme (NFLP), imparts the knowledge and skills that you need to make prudent financial decisions, so that over time you can enjoy the quality of life that you would like.
The programme provides financial literacy information for anyone who’s interested, free of charge! To learn more about how you can access this service from the NFLP, click here.
Want to learn more about your rights and responsibilities as a customer in T&T? Check out our video below:
This article is based on a discussion with Dominic Stoddard on the Straight off the BATT Live Series from the Bankers Association of Trinidad and Tobago. The show aims to help you understand financial literacy and education. Join our mailing list, here.