Ashford W. Meikle, Staff Reporter
President of the Jamaica Manufacturers' Association (JMA), Doreen Frankson, responds to a question during the association's annual general meeting yesterday at the JMA headquarters, Duke Street, downtown Kingston. At right is deputy president of the JMA, Omar Azan. - RUDOLPH BROWN/CHIEF PHOTOGRAPHER
RE-ELECTED PRESIDENT of the Jamaica Manufacturers' Association (JMA), Doreen Frankson, wants the Fair Trading Commission (FTC) to be abolished.
Mrs. Frankson was speaking at the JMA's annual general meeting at its headquarters on Duke Street, downtown Kingston, yesterday.
According to her, it appears that the regulatory agency is deliberately being tardy in its investigation of unfair and incestuous trading practices among commercial banks.
Mrs. Frankson said that for more than a year the JMA has requested that the FTC examine interest rates spread in the commercial banking sector and the allegations of collusion on bank charges.
However, she said the association was dissatisfied with the FTC's response. "We have received polite letters from the FTC informing us that these investigations are quite lengthy and nothing has changed."
Mrs Frankson added: "We have been so disheartened that we have written to Minister (Phillip) Paulwell requesting the dismantling of the FTC."
For the past 15 months, the JMA has been critical of the interest rates and bank fees charged by commercial banks, arguing that the spread is too wide between lending rates and that of savings accounts. The association said that because manufacturers are unable to borrow competitively to expand, they cannot compete effectively with imported products, especially from other CARICOM countries such as Barbados and Trinidad and Tobago.
These countries have single digit lending rates.
HER FINAL TERM
Mrs. Frankson, who was unanimously returned as JMA president for what she says will be her final term, told The Gleaner that the FTC has never made any rulings on a substantial case.
"We are the taxpayers and we would like to have a report on something that we are paying you (FTC) to do," she demanded.
Contacted yesterday, general manager of the FTC, David Miller, said the commission had no comment on Mrs. Frankson's allegations.
