News:RBZ introduces consumer protection guidelines
<vote /> The Reserve Bank of Zimbabwe has introduced Consumer Protection Prudential Standards to provide minimum guidelines for consumer protection.
The standards released last week, are meant to enhance the protection of consumers in the face of increased complexity and diversity of products.
The RBZ said that,
“The ever-increasing complexity and diversity of the range of products and services offered by financial institutions and the increasing transfer of opportunities and risks to consumers call for enhanced protection of consumers of financial services. Financial market development, innovation and misaligned incentives for financial services providers increase the risk that consumers may face fraud, abuse and misconduct. In particular, low-income and less experienced consumers often face particular challenges in the market place. The existence of a sound financial consumer protection framework is fundamental to increasing access to and usage and quality of financial services, along with supporting further banking sector deepening"
Part of the objectives of the new guidelines will be to increase public awareness of financial services and products, promote greater transparency and minimise information inequality between consumers and regulated entities.
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