Consumer Hub Consumer Protection Framework This Framework sets out minimum regulatory standards for consumer protection expected in terms of section 4C of the Banking Act [Chapter 24:20]. The consumer framework is intended to address many of the issues raised as part of the Financial Consumer Agency of Canada’s domestic bank retail sales practices review and Report on Best Practices in Financial Consumer Protection. As a customer of a bank or other financial institutions under the supervision of the CBN, your rights which forms part of the bedrock of your relationship with your bank are well spelt out in the CPF. Consumer Protection in the EU Page 4 of 21 Rights of the European Union confirms the importance of consumer protection, stating that Union policies shall ensure a high level of consumer protection.4 1.2. Allied Bank Limited has developed Financial Consumer Protection Framework in order to build customer confidence in products and services offered by the Bank. a consumer protection framework that is fit for purpose and ensures that consumers’ best interests are protected; and; regulated firms that are fully compliant with their obligations and are treating their customers, existing and new, in a fair and transparent way. In November 2018, Commonwealth and state and territory governments launched the National Consumer Protection Framework (National Framework) for Online Wagering in Australia, which will provide stronger consumer protections for Australians gambling online. The UBL Consumer Protection Framework has been formulated to ensure that all customers of the Bank are treated fairly. On-site Consumer Protection Assessment 6. A full understanding of changes to the existing regime must await the government’s release of draft regulations. 1.3 Definitions 1.3.1 For purposes of this Framework, the … The Consumer Protection Act 1987 gives you the right to claim compensation if a defective product causes death, damage or injury. Consumer Protection Oversight Function in BSFIs 4. The UBL Consumer Protection Framework has been formulated to ensure that all customers of the Bank are treated fairly. To view other articles in the series scroll down "A Leader And Innovator In Financial Consumer Protection": The Financial Consumer Agency Of Canada's 2020-21 Business Plan This framework strives to adopt and maintain the principles of fairness across the Bank in all its dealings. A statement issued by the CBN’s Director of Consumer Protection Consumer Protection framework is a basic model, which identifies the factors that can contribute to achieving adequate levels of satisfaction and protection that characterizes the relationship between consumer and financial entity.

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