June 13, 2024

Sri Lanka’s Central Bank to introduce an integrated financial consumer protection framework

1 min read

Having recognized the need to institutionalize financial consumer protection in the delivery of
services by financial institutions regulated by the Central Bank of Sri Lanka (CBSL), the Financial Consumer
Relations Department of CBSL has developed a comprehensive set of new regulations aiming at
introducing an integrated financial consumer protection framework for entities regulated by CBSL.

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 consumers on the
areas to be considered in delivering/ obtaining financial services aiming at minimizing the need for
financial consumers to make subsequent complaints.

In order to have wider stakeholder consultation, FCRD has invited the relevant industry associations
and the general public to submit their observations/ comments/ suggestions on the draft Regulations.

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