Regulatory Alerts2012-09-17
Added · Updated
Permanent Application Norm (NAP) - Protection of Financial Institution Clients
The Central Bank of São Tomé and Príncipe issued this Permanent Application Norm (NAP) to establish general rules for financial institutions, ensuring client protection and promoting trust in the national financial system. It mandates that institutions act fairly, provide clear information, ensure secure payment systems, manage complaints, and avoid misleading advertising, while prohibiting unauthorized account debits and excessive charges. Clients are granted rights including equal treatment, access to information, and the right to complain to the institution or the Central Bank's Consumer Support Office, with institutions bearing responsibility for certain operational failures.