Local and foreign experts also shared their views during the seminar and stressed on ‘Responsible Banking Conduct’, its importance, linkages with financial inclusion and financial stability, conduct risk and good industry practices. PHOTO: FILE
During the seminar, held at the National Institute of Banking and Finance (NIBAF) Islamabad, the SBP deputy governor said the foundation of financial customer protection must ideally rest on self-regulation, where banks had in their conscience a clear concern in nurturing well-informed consumers to enable them to make right and sustainable choices, stated the press release.
“A responsible banking conduct cannot be achieved merely by ring-fencing consumer protection within the compliance function; instead, the entire bank - right from the board to the frontline managers - has to be responsive to this objective,” he stressed.
“In order to win the trust of stakeholders, consumers must not only be treated fairly but should be seen as being treated fairly,” he added.
He further added that customer empowerment was part of the SBP financial inclusion strategy and it would devote adequate resources to implement it; however, he said “other banks also needed to join us and augment our efforts to promote financial literacy and consumer awareness.”
Local and foreign experts also shared their views during the seminar and stressed on ‘Responsible Banking Conduct’, its importance, linkages with financial inclusion and financial stability, conduct risk and good industry practices.
Published in The Express Tribune, August 24th, 2016.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ