Regulatory Alerts2025-11-03
Prudential Standard No. 8: Disclosure on Interest Rates, Fees & Charges
The Central Bank of Solomon Islands issued Prudential Standard No. 8 to mandate transparent disclosure of interest rates, fees, and charges for all financial products by commercial banks and credit institutions. The regulation requires institutions to publicly display pricing details, provide plain English pre-contractual disclosures, and notify the public and the regulator at least 30 days before implementing any changes to rates or fees. Non-compliance with these transparency and reporting obligations subjects financial institutions to CBSI oversight, including investigations, cease and desist orders, and monetary penalties.
Share