Regulatory Alerts2012-05-01 | 23991Added · Updated
Guideline for the Notification of New or Materially Different Banking Products or Services
Licensed financial institutions must notify the Inspector of Financial Institutions at least one month before launching any new or materially different banking product or service. The notification requires submission of specific documentation, including product descriptions, risk assessments, marketing materials, and evidence of fee payment, to allow the Inspector to assess potential undue risks. If the Inspector does not raise objections within fourteen days of issuing a receipt notice, the licensee may proceed with the launch, though the Inspector retains the authority to require discontinuation if significant consumer or market concerns arise later. Additionally, licensees must establish a board-approved Product Development Policy and submit it to the Central Bank within six months of the guideline's issue.