Regulatory Alerts2020-09-29
Regulations for Consumer Protection and Market Conduct
The Central Bank of Liberia issued Regulation No. CBL/RSD/004/2019 to establish comprehensive consumer protection and market conduct rules for all bank and non-bank financial institutions. The regulations mandate strict adherence to fairness, reliability, and transparency principles by requiring clear marketing disclosures, key fact documents, suitability assessments for advice, and a mandatory ten-day cooling-off period for transaction revocation. Financial institutions must also implement robust mechanisms for transparent debt recovery, timely account statements, proactive notice of term changes, and secure safeguarding of customer data to prevent fraud and ensure informed consumer decision-making.
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