The Financial Consumer Relations Department of the Central Bank of Sri Lanka has developed a comprehensive set of new regulations aiming at introducing an integrated financial consumer protection framework for entities regulated by CBSL.
The CBSL said the regulations were introduced having recognised the need to institutionalise financial consumer protection in the delivery of services by financial institutions regulated by the Central Bank of Sri Lanka.
The CBSL said the regulations are expected to define specific regulatory powers for the supervisors to facilitate market conduct supervision while providing clarity to both the service providers and recipients on the areas to be considered in delivering/ obtaining financial services aiming at minimising the need for financial consumers to make subsequent complaints.
In order to have wider stakeholder consultation, FCRD has invited the relevant industry associations and the general public to submit their observations/ comments/ suggestions on the draft Regulations.
