Regulatory Alerts2023-01-01
Financial Consumer Protection (Disclosure of Credit Information) Regulations 2023
Issued by the Governor of the Central Bank of Lesotho, these regulations mandate licensed financial service providers to disclose essential credit information through standardized Key Fact Statements. Providers must calculate and display the total cost of credit, effective interest rate, and all applicable up-front and recurring fees across in-person, telephone, digital, and online channels during pre-transactional and shopping stages. The Regulator enforces compliance through administrative penalties, consumer compensation claims, and mandatory staff training, ensuring borrowers can accurately compare loan offers and exercise their rights to cooling-off periods and complaint resolution.
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