Regulatory Alerts2016-09-05
Notice No. 12/2016 of September 5 on Consumer Protection for Financial Products and Services
The Bank of Angola issued Notice No. 12/2016 to establish binding rules and procedures for financial institutions regarding the commercialization of financial products and services, aiming to enhance consumer protection and market transparency. The regulation mandates strict ethical conduct, data privacy, non-discrimination, and the establishment of specialized complaint handling units with defined resolution timelines. It further outlines institutional responsibilities for damages, security standards, and the mandatory inclusion of consumer protection clauses in corporate statutes.
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