Notwithstanding these successes, there is a genuine concern that the Ombudsman’s Office lacks “teeth”. Upgrading the existing regime of financial consumer protection in Trinidad and Tobago requires that we expand the Ombudsman’s mandate and empower the Office. Ultimately, this will require a change in legislation from a voluntary scheme to one enshrined in law.
That is something that I trust central banks can do in the medium term if they are vigilant, if they are attentive. In the very long run, I tend to be optimistic. I was trained as a scientist at the beginning.