Regulatory Alerts2025-10-17 | BPRD Circular No. 04Added · Updated
Business Conduct and Fair Treatment of Consumers Regulatory Framework (BC&FRF)
The State Bank of Pakistan establishes the Business Conduct and Fair Treatment of Consumers Regulatory Framework (BC&FRF) for Financial Institutions, including banks, Development Financial Institutions, Electronic Money Institutions, and Payment System Operators. The framework mandates adherence to outcome-based principles and rule-based instructions across six pillars: governance, disclosure, fair treatment, data protection, dispute resolution, and awareness. Specific applicability rules exempt Electronic Money Institutions from certain sections while making data protection and complaint handling mandatory for Payment System Operators and Payment Service Providers.
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