The Bank of Ghana says it has so far succeeded in issuing consumer protection directives to address regulatory gaps, promote standardisation in the resolution of complaints, and respond to emerging practices in the industry.
This comprises Consumer Recourse Mechanism Guideline for Financial Service Providers, 2017; Disclosure and Product Transparency Rules for Credit Products and Services, 2017; Notice on Abolition of Unfair Fees, Charges and Other Practices in the Banking Sector, 2021; Notice on Sanctions for the Issuance of Dud Cheques, 2021 and Unclaimed Balances and Dormant Account Directive, 2021.
According to the Central Bank, these measures indicate the degree of focus on consumer rights and interests.
As part of its Customer Service Week celebrations, the regulator of the banking industry, said, it issues appropriate consumer protection directives, promotes fair market practices, and ensures responsible lending and borrowing in the industry.
“The Market Conduct Office established by the Bank provides a clear point process and an avenue for customers to escalate their grievances if regulated institutions are unable to resolve their complaints amicably. Besides resolving complaints, the mechanism fosters confidence building in the financial system and promotes financial inclusion through awareness creation”.
“As part of our supervisory functions, the Bank promptly identifies systemic issues in product and service designs, channels, systems, and third-party arrangements and determines consumers’ level of satisfaction and appreciation of their rights in procuring products and services from Financial Service Providers. As new products and services are introduced onto the market, the Bank ensures they fully address consumer interest and all disclosures are front-loaded”, it stressed.
Furthermore, the Bank of Ghana pointed out that it embarks on an all-year-round financial literacy programme that targets the most vulnerable in society, adding, it organises annual workshops for Consumer Reporting and Compliance Officers of banks to assess the root causes of all recurring complaints and proffer directives to mitigate recurrence.
It added that the Year 2022 Complaints Management Report published by the Central Bank showed a 15% increase in complaints escalated by consumers of financial services to the Bank of Ghana as compared with 2021. The rise was largely attributed to the increased awareness of the public and the confidence reposed in the Central Bank to use its supervisory authority to adjudicate and resolve complaints.
The Consumer Recourse Mechanism Guideline for Financial Service Providers (2017) prescribes the three (3) level processes for dispute resolution namely Financial Service Provider, Bank of Ghana and The Courts.
The Bank of Ghana concluded, saying, it is committed to empowering consumers through financial literacy and sensitization programs, ensuring timely resolution of consumer complaints, providing a legal framework that adequately protects consumers, while helping the industry improve on customer service delivery and experience.
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