Regulatory Alerts2022-01-01
Circular No. 6 of 2022 – Commencement of the Financial Consumer Protection Act, 2022
The Financial Services Authority issued Circular No. 6 of 2022 to implement the newly enacted Financial Consumer Protection Act, 2022. Financial service providers must submit bi-annual reports detailing consumer protection policies, compliance monitoring, financial education, internal dispute handling, and third-party activities by 15 July and 15 January each year. A six-month transition period applies, with the initial report due on 15 January 2023, and non-compliance will trigger administrative penalties.
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