Regulations on Financial Consumer Protection

The Financial Consumer Relations Department (FCRD) of the Central Bank (CB) has developed a comprehensive set of new regulations aiming at introducing an integrated financial consumer protection framework for entities regulated by the banking regulator.

This has been done having recognised the need to institutionalise financial consumer protection in the delivery of services by financial institutions regulated by the CB, it said in media release on Monday.

These regulations are expected to define specific regulatory powers for the supervisors to facilitate market conduct supervision while providing clarity to both the service providers and recipients on the areas to be considered in delivering/ obtaining financial services aiming at minimising the need for financial consumers to make subsequent complaints.

In order to have wider stakeholder consultation, the FCRD has invited the relevant industry associations and the general public to submit their observations/ comments/ suggestions on the draft regulations. The public can access the draft regulations (English) available on the CB website

Web link for the draft Regulation : consultation_paper_202301

consultation_paper_20230120_regulations_on_financial_consumer_protection_e.pdf (cbsl.gov.lk)), and send their observations/ comments/ suggestions using the following mediums on or before 17.02.2023.