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BoG issues consumer protection directives to address regulatory gaps

BoG issues consumer protection directives to address regulatory gaps
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Financial Service Providers , Consumer Recourse Mechanism Guideline , Product Transparency Rules , Unfair Fees , Banking Sector , Dud Cheques , Unclaimed Balances , Dormant Account Directive , Financial Service , Consumer Reporting , Compliance Officers ,

We have succeeded in issuing consumer protection directives to address regulatory gaps - BoG

“The Market Conduct Office established by the Bank provides a clear point process and an avenue for customers to escalate their grievances if regulated institutions are unable to resolve their complaints amicably. Besides resolving complaints, the mechanism fosters confidence building in the financial system and promotes financial inclusion through awareness creation”. ....

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CBN Moves To Mop up Dormant Accounts  into Trust Fund – Prompt News

By Tony Obiechina, Abuja The Central Bank of Nigeria has stated that banks transfer funds in accounts that have been dormant for at least 10 years into a trust fund account. This was contained in a recently released exposure draft of guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in ....

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