Regulatory Alerts2023-06-19
Central Bank of Solomon Islands Prudential Guideline No. 21 on Financial Consumer Protection
The Central Bank of Solomon Islands issued Prudential Guideline No. 21 to establish mandatory consumer protection standards for all financial and digital service providers operating within its jurisdiction. The guidelines require institutions to ensure fair treatment, transparency, and suitability of products while prohibiting deceptive practices, undue influence, and discriminatory behavior. Key operational mandates include enforcing a ten-day cooling-off period, regulating debt recovery conduct, and ensuring clear disclosure of fees and terms to safeguard consumer interests.
Share