Mauritius Central Bank Plans to Investigate Lenders’ Charges

The Bank of Mauritius said it is considering a probe into bank charges after an increasing number of complaints from customers.

The country’s central bank is “proposing to investigate the terms and conditions of contracts, including fees, commission and charges,” it said in a statement published on its website today.

There is “growing evidence” from the “increasing number and range of complaints” that consumers either don’t understand the “full implications” of contracts or don’t have the “correct information at the time they enter into these contracts or may not be receiving a fair deal,” the Port Louis- based lender said.

The central bank’s planned investigation comes a day after three top officials at Barclays Plc in London, including Chief Executive Officer Robert Diamond resigned after regulators fined the bank a record 290 million pounds ($452 million) for attempting to rig the London interbank rate for profit.

Mauritius’s banking industry comprises 20 licensed lenders, including Mauritius Commercial Bank (MCB) and State Bank of Mauritius Ltd. (SBM), the country’s biggest lenders by market value.

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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