Regulatory Alerts2014-10-21 | CPD/DIR/GEN/CPF/01/011Request For Inputs For Development of a Consumer Protection Framework For Financial Institutions Regulated by the Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) is developing a Consumer Protection Framework for financial institutions it regulates, aiming to promote a sound financial system and protect consumers' rights. This framework will be guided by the G-20 High Level Principles on Financial Consumer Protection, focusing on legal, regulatory, and supervisory aspects; roles of regulators and other bodies in ensuring consumer protection; equitable and fair treatment; full disclosure and transparency in product structuring and deployment; financial education and awareness; responsible conduct among operators and their agents; protection of consumer assets against fraud and misuse; protection of consumer data and privacy; complaints handling and redress mechanisms; and developing competition rules. The CBN is seeking inputs from stakeholders on this framework, with suggestions to be submitted within two weeks to the Consumer Protection Department or via email.