Following recent challenges in ensuring timely resolution of complaints
from consumers of financial services against financial institutions
under its regulatory purview, the Central Bank of Nigeria (CBN) has
fixed a time limit of six years, effective within which complaints
against financial institutions can be lodged.
The CBN stated this in a circular posted on its website yesterday. It
stressed that its consumer protection role had over the years been
hampered by "non-availability of, or delays in receiving documentary
evidences from both parties." This it stressed underscored the need to
have a policy on "time bar" for complaints management in the financial
services industry.
"Consequently, the CBN having consulted the relevant stakeholders in
the financial services industry, and in line with provisions of
limitation legislation; Money Laundering (Prohibition) Act 2013; and CBN
Anti-Money Laundering and Counter Financing of Terrorism Regulation for
Banks and Other Financial Institutions in Nigeria, 2013, hereby adopts a
time limit of six years, effective from the date of the transaction,
within which complaints against financial institutions shall be lodged,"
it added.
However, it stated that the time limitation would not apply to fraud
cases; complaints already lodged with the financial institutions and
CBN; and international electronic payment transactions whose records are
not retained beyond 180 days on the dispute resolution application
(arbiter). It pointed out that the latest circular supersedes the
earlier circular dated February 16, 2015, on the subject matter.
Source : Thisday
No comments:
Post a Comment