Approval of banking protection is not enough

Petition for

Grenada to Commence Consumer-Protection Provisions under the Banking Act

By signing this petition, you are exercising your constitutional right to participate in governance and helping shape policy that makes citizen protections enforceable.

Following a recent petition for unfair banking practices, Grenada Parliament formally approved amendments to the Banking Act 2015 to enshrine consumer protections in law in 2026. However, approval alone does not make these provisions enforceable; they must be commenced to have legal effect. Until commencement, banks are not legally bound to follow these protections, and citizens remain exposed to exploitation and vulnerability.

In 2015, Grenada enacted the Banking Act without provisions for consumer protection. Over the past several years, proposals to strengthen consumer protections within Grenada’s banking framework have been introduced, debated, and in some instances withdrawn or left uncommenced, including the Banking (Amendment) Bill, 2025. While these reforms reflect acknowledgment of the need for stronger statutory safeguards, the absence of implementation has meant that consumers continue to rely on supervisory guidelines and codes of conduct, which are not enforceable legal rights.

This history demonstrates that approval alone does not guarantee protection. Without formal commencement, even well-intentioned reforms remain dormant. This leaves citizens largely protected only through Eastern Caribbean Central Bank issued guidelines and codes of conduct, which are not statutory law. Citizens are left exposed to unfair and exploitative financial practices and Grenadians must rely on expensive litigation to enforce fairness, while financial institutions and private companies operate largely unchallenged.

For this reason, please sign the petition.

                                                  For this reason, please sign the petition