SBP strengthens consumer protection efforts through new
departments
State Bank of Pakistan (SBP) has proactively enhanced consumer
protection by restructuring its internal departments.
Through a circular issued on Tuesday, the SBP announced the
division of the former Banking Conduct & Consumer Protection Department
(BC&CPD) into two separate departments, aimed at bolstering its supervisory
role in consumer protection.
The newly established departments are the Banking Conduct Policy
Department (BCPD) and the Consumer Protection Department (CPD). These
departments, placed under the Banking Policy & Regulations Group and the
Banking Supervision Group respectively, will collaborate to ensure a robust and
comprehensive approach to consumer protection.
The Banking Conduct Policy Department (BCPD) will primarily be
responsible for formulating and implementing policy matters related to overall
banking conduct, the SBP electronic credit information bureau (SBP-eCIB), and
private credit bureaus. On the other hand, the Consumer Protection Department
(CPD) will focus on the operational side of conduct monitoring, consumer
protection, complaints redressal, and conduct risk assessment.
This strategic move demonstrates the State Bank of Pakistan’s
unwavering commitment to safeguarding the interests of consumers and promoting
fair practices within the banking industry. By empowering specialized
departments, the SBP aims to create a more robust framework to address consumer
grievances and ensure accountability among financial institutions.
In light of these developments, the SBP proudly announced that
Syed Ali Raza has assumed the charge of Director, Banking Conduct Policy
Department, State Bank of Pakistan, effective from July 27, 2023. With his
expertise and dedication, the SBP aims to achieve its goal of strengthening
consumer protection measures and fostering trust within the banking sector.
With these innovative initiatives in place, the State Bank of
Pakistan reaffirms its commitment to the well-being of consumers and lays the
groundwork for a fair and secure financial landscape in the country.
Source: pkrevenue.com