The Supreme Court has ruled in favour of the Bank of Nova Scotia over the claim that was brought by Opposition Member of Parliament Fitz Jackson over the charging of 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.
Costs were awarded to the bank.
The Bank of Jamaica and the Attorney General were included in the matter as interested parties.
Mr. Jackson says he will be appealing the ruling.
He was seeking a declaration from the court that Scotiabank, through the imposition of the fee, had breached its obligation by failing to honour a negotiable instrument.
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