The Financial Consumer Relations Department (FCRD) of the Central Bank of Sri Lanka (CBSL) has developed a comprehensive set of new regulations aiming at introducing an integrated financial consumer protection framework for entities regulated by the CBSL.
Issuing a statement, the CBSL stated that this measure has been taken having recognized the need to institutionalize financial consumer protection in the delivery of services by financial institutions regulated by the CBSL.
These 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 minimizing the need for financial consumers to make subsequent complaints, the bank stated.
The CBSL further stated that 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.
The public can access the draft Regulations (English) available on the CBSL website (Web link for the draft Regulation :
The CBSL stated that the public can send their observations/ comments/ suggestions using the following mediums on or before 17 February 2023. (NewsWire)
