Regulatory Alerts2020-04-06
Added · Updated
Decree on Financial Consumer Protection
Government Decree No. 225/GOV establishes principles, rules, and measures for the administration and supervision of financial consumer protection in the Lao PDR, applying to service providers under the supervision of the Bank of the Lao PDR and consumers. The decree mandates service providers to implement risk management, disclose fees and risks clearly, maintain confidentiality, and establish internal mechanisms to handle consumer complaints within fifteen days. Specific obligations include prohibiting discriminatory practices, requiring written contracts with detailed terms, and banning the use of terms like 'free' or 'guarantee' where misleading. The Bank of the Lao PDR is designated as the primary authority responsible for supervision, inspection, and dispute resolution.
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