First: Consumer’s Rights
First Principle: Equitable and Fair Treatment
Banks and financial institutions should deal fairly and honestly with consumers at all stages of their relationship, which constitutes an integral part of the bank/financial institution’s culture. Special attention should be dedicated in particular cases including (low- income segments, less educated people, elderly, as well as disabled people).
Second Principle: Disclosure and transparency
Banks/ financial institutions should furnish their customers with sufficient information about the services and products they are provided in a clear, concise, understandable, accurate, and not misleading manner. Banks/ financial institutions have to ensure that consumers are aware of key terms and features of the services and products they want to attain as well as the risks associated with using these products and services. This includes a clarification of the rights and responsibilities of each party, details of prices and commissions that the bank/ financial institution charges, penalties, bank/ financial institution’s procedures in terminating the relationship with customers and the subsequent consequences, in addition to providing information about the alternative products and services provided by the bank/ financial institution.
Third Principle: Financial Education and Awareness
Bank/ financial institution should target customers’ benefit during their relationship, as the bank/ financial institution is primarily responsible for the protection of the consumer’s financial interests.
Fifth Principle: Protection against Fraud
Banks/ financial institutions should monitor and protect consumer deposits and savings and other financial assets by running highly efficient and effective control systems to mitigate fraud, embezzlement or misuse.
Sixth Principle: Confidentiality of Consumer’s information
Consumers’ information confidentiality should be protected through appropriate control and protection mechanisms. These mechanisms should define the purposes for which the data were collected, and processed, in accordance to effective laws, regulations, and instructions.
Seventh Principle: Complaints Handling
Banks/ financial institutions should develop a convenient, fair, clear and timely mechanism for handling consumers’ complaints in accordance with the CBJ’s instructions thereof.
Eighth Principle: Competition
Consumers should be able to search, compare and where appropriate, switch between products, services and providers easily and clearly at a reasonable cost.
Ninth Principle: Third Parties (Third Parties)
Banks/ financial institutions should ensure that the agents/ intermediaries and external parties, for which tasks have been mandated, are committed to the requirements of such principles, and that they work in the best interest of their consumers and be responsible for their protection.
Tenth Principle: Conflict of Interest
Bank/ financial institution must have a written policy on conflict of interest, and ensure that this policy, which helps to detect potential conflicts of interest, is executed. When the possibility of a conflict of interest arises between the bank/ financial institution and the third party, this should be disclosed.
Second: Consumer’s Responsibilities
1. Be Honest When Providing Information
Always give full and accurate information when you are filling in any documents related to the bank/ financial institution. Do not give false details or leave out important information.
2. Carefully Read All Information Provided by Your Bank/ Financial Institution
When you submit your application, you should receive full details on the obligations for your service or product. Make sure you have access to the details of your obligations and that you understand them and can comply with them.
3. Ask Questions
It is important to ask questions to bank/ financial institution employees about any unclear article or a condition that you are unsure about. The staff will answer any questions in a professional manner that would help you making your decision.
4. Know How to Make a Complaint
Your bank/ financial institution will provide you with details on how to complain and the timeframe for their response. You should know how to use this service when needed.
Fifth: Use the Product or Service According to Terms and Conditions
Do not use the product or service, except in accordance with the terms and conditions associated with them, after making sure of your complete understanding as well as meeting your needs.
Sixth: Avoiding Risks
Some financial products or services carry risks, at different levels, and your bank/ financial institution should clearly explain these to you. Do not purchase a product or service if you feel that the risks incurred do not suit your financial situation.
Seventh: Apply for Products and/or Services that Meet Your Needs
When making a request for a product or service, you should make sure that it suits your needs. You must disclose all financial obligations with all parties to ensure the decision is based on your ability to fulfill additional obligations incurred after contracting for the product or service.
Eighth: Report Unfamiliar Transactions to Your Bank
If you have discovered any unauthorized, ambiguous, and unfamiliar transactions on your account, you should report this to your bank/ financial institution immediately.
Ninth: Do not Disclose Your Banking Information
Under no circumstances should you provide any bank account details or other sensitive personal or banking information to any other party.
Tenth: Consult Your Bank when Encountering Financial Difficulties
Ask your bank/ financial institution for a consultation if you are encountering any financial difficulty or inability to pay the minimum required instalment (including personal loans and credit cards). By doing so, you can discuss possible alternatives to reschedule your outstanding credit and enable you to fulfil your obligations.
Eleventh: Updating Information
You should update your personal information, including contact information, so that it is updated continuously when requested by the bank/ financial institution or when any change occurs. You are responsible for failing to provide all relevant information to the bank/ financial institution.
Twelfth: Mail Address
Use your own mail address (regular mail and e-mail), along with your contact details when requested by your bank/ financial institution. Do not use other friends’ or relatives’ mail addresses as it can expose your financial information to others.
Thirteenth: Power of Attorney
Be careful when dealing with ‘Power of Attorney’ to complete your financial transactions. Know to whom you are giving power over your financial matters.
Fourteenth: Do Not Sign Uncompleted Forms
Make sure all of the required fields and numbers are completed in the form that is presented to you for signing. Do not sign empty or partially completed forms.
Fifteenth: Review All of Your Documents
Review all of the documents you have filled in in the forms to ensure no errors are made in the (account number, the amount, or data of recipient). Your signature is an approval and agreement of the document content.
Sixteenth: Right to Keep Copies of Your Documents
Your bank/ financial institution should provide you with a copy of signed contracts and other relevant documents and papers. You should keep such documents in a safe place.