Fitz Jackson vows to appeal ruling in Scotiabank encashment fees case

By Racquel Porter    

 

Opposition Member of Parliament Fitz Jackson says he will be appealing the Supreme Court's summary judgment that Bank of Nova Scotia is not in breach of the law for charging encashment fees.

 

Justice Crescentia Brown Beckford found that the practice is not in breach of the Bills of Exchange Act nor the Banking Services Act.

 

The judge also found that the bank's right to charge a fee for the service in question is, however, subject to the obligations set by the code of conduct under the Banking Services Act.

 

The court also determined that changes to the law, the practice of the banking industry and the protection of the consumers of banking services are matters for the legislature and not the court.

 

Speaking with Radio Jamaica News on Friday afternoon, following the judgment, Mr. Jackson said there is sufficient basis for an appeal. 

 

"We did not get the judgment that we expect. However, I believe that the merit of the case still stands. And based on the initial perusal of the judgment by the legal team and briefing with myself, I am satisfied that there is an abundance. The provision in the judgment about addressing the matter of fee, in this case, encashment fee, lies in the Parliament. It must be noted that there is a bill which I tabled in the Parliament which explicitly prohibits the charging of encashment fees among other fees which are unfairly and unjustly levelled against the banking public in Jamaica," he explained. 

 

The judge awarded costs to Scotiabank.

 

But attorney Anthony Williams said he believes the bank should not be paid 100 per cent of the cost since the case brought by Mr. Jackson was not solely for his own benefit. 

 

"It was a public interest matter that certainly would have impacted and did impact the Bank of Jamaica, Bank of Nova Scotia, and certainly the Attorney General. There were issues to be cleared up in relation to banking fees," he argued, before commending Mr. Jackson for "single-handedly taking on a giant like BNS" in the interest of Jamaicans.

 

The Bank of Jamaica and the Attorney General were included in the matter as interested parties.