Explains how the Association prepares its responses to consultations by regulators and government, from gathering evidence and consulting member banks to committee review, approval and publication, and the quality standards each submission must meet.
Purpose
Regulators and government consult industry and the public on proposed laws, regulations, guidelines and policies. The Gambia Bankers' Association responds to such consultations on behalf of its member banks where the subject affects the banking industry or its customers. This document explains how those responses are prepared, so that members, policymakers and the public understand the basis on which the Association's submissions are made.
The role of a submission
A submission sets out the collective view of member banks on a proposal. It aims to help the consulting authority reach a well-informed decision by explaining how a proposal is likely to work in practice, identifying unintended consequences and suggesting workable alternatives where appropriate. The Association recognises that the decision rests with the authority concerned, and its submissions are offered constructively, as one input among many.
Individual banks remain free to make their own submissions. Where a bank's view differs from the Association's, the Association does not seek to represent that bank's separate position.
How submissions are prepared
1. Identifying the consultation
The Secretariat monitors consultations issued by the Central Bank of The Gambia and other relevant authorities, and notifies member banks and the appropriate technical committee. Where a subject spans several areas, the Secretariat designates a lead committee and invites others to contribute.
2. Gathering evidence
The lead committee identifies the questions on which evidence is needed. Evidence may include the experience of member banks in applying similar requirements, operational and cost implications, the likely effect on customers, international standards and practice in comparable jurisdictions. Information supplied by individual banks is aggregated so that no commercially sensitive information about any single institution is disclosed.
3. Consulting member banks
All member banks are given the opportunity to comment on the issues and on the draft response. Where members hold differing views, the draft explains the range of views rather than presenting a consensus that does not exist. Competition-sensitive matters, such as pricing and commercial strategy, are excluded from discussion.
4. Committee review
The lead committee reviews the draft for accuracy, clarity and consistency with the Association's previous positions. Where a proposed position departs from an earlier one, the reason for the change is explained.
5. Approval
Submissions are approved in accordance with the Association's governance arrangements before they are sent. Where a consultation period is short, the Association may send an interim response and follow it with a fuller one.
6. Submission and publication
Once submitted, responses are generally published in the Association's publications library, unless the consulting authority has asked that responses remain confidential or publication would disclose sensitive information.
Quality standards
Every submission should meet the following standards:
- Relevance: it addresses the questions asked by the consulting authority and stays within the scope of the consultation.
- Evidence: assertions are supported by evidence or reasoned argument, and the source of any data is stated.
- Accuracy: references to laws, regulations and standards are checked before the submission is sent.
- Constructiveness: where the Association has concerns, it proposes practical alternatives rather than objecting in general terms.
- Customer perspective: it considers the effect of a proposal on customers, including vulnerable and underserved groups, as well as on banks.
- Proportionality: it distinguishes between matters of principle and matters of detail, and prioritises accordingly.
- Clarity: it is written in plain language, with a short summary of the key points at the beginning.
- Transparency: it states whose views it represents and acknowledges any material differences of view among members.
Matters the Association will not address
Submissions do not address the circumstances of individual banks or customers, matters that are the subject of supervisory action or legal proceedings, or questions of pricing or commercial strategy. Nor do they seek preferential treatment for any member.
After a submission
The lead committee follows the outcome of each consultation and reports to members on the final decision and its implications. Where implementation requires coordinated action across the industry, the Association may issue a circular to members.
Contact
Authorities wishing to consult the Association, and member banks wishing to contribute to a submission, may contact the Secretariat.