Regulatory Alerts2012-03-22
Supervisor of Banks Directive on Non-Banking Benefits to Customers
The Supervisor of Banks issued a directive regulating how banking corporations may grant non-banking benefits to customers to enhance experience and competition without compromising product comparability. The rules prohibit tying such benefits to the opening of accounts or selling core banking products, while permitting them for specific activities like using payment cards or online banking without restrictive conditions. Additionally, the directive mandates transparent disclosure of benefit details and values, requires advance notice for changes to accumulation schemes, and bans lotteries involving customers.
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