{ 16 January 2018 CENTRAL BANK OF SRILANKA, FINANCE BUSINESS ACT DIRECTIONS MONETARY BOARD FINANCIAL CUSTOMER PROTECTION FRAMEWORK 'n toons of the powers confere by section 12 ofthe Finanoe Buvinéss Act, No. 42 of 201), the ‘Monetary Board issues Directions to all Licensed Finmee Companies (LFS) to enscie the protection of rights and interests ofthe ol esomers, 1, Applicability ana e0pe 2. Roland responsilty of (he Bos of Directors 3. Minion standards on Customer Protection 1. 12. 24 a, 32, vety LEC shall ensure the adherence to the Financial Customer Protection Framework Sts out inthis Disestion. Te objective of these Divcotions are to safeguard Ue interests ofthe customers, ectaining ' healthy relationship and strengihening the casamer confidence in ‘he sector to ensue the stability and soundness ofthe sector. very, LEC shall follow the minimum standands. of customer retetion sets out in Direction 3 below and detailed guidiiaes are sexed to this Drwtion, ‘Financial customer protection shall be an integral prof the garperate sovernanc, culeate 2nd stage tion making ofthe Boas. Board shell eisue that all emplojeés and appoints! agents ate axring fo the minim stindafds on eustoner pression ses out these Divetions. For this purpose, Bont shall ensue iat an pproprite monitoring mechaniem is in place to assure compliance ith these Directions Disclosure and Transparency Customers shall Be given complet, clear, concise, aerate std nit ‘misleading information about finance productlervices and hae the sanders the tems and sondons a he Moderns whi enable tem io make ined Uso ‘Customer Kaucatlon and Awareness Appropriate meshanisns shall be developed to improve the cusmnce Snowledgs and undestanding onthe fnancel product/service whith help them to make informed deisions.4, Implementation 34, 3s. 4A 42, Responsible Business Conduct Employees aod eppointed agents sbull act professionally with due Ski, cave and diligence when dealing with customer ‘Complaint Handling snd Redress The customers shall have acoess to adequate complaint handling and redress mechanisms that are accessible, affrdabl, independent, i, “necountable, timely and eficent. qultable and Fate Treatment Ai customers shall be tested equitably, honestly eod fel at all sages of ther relationship wit the entity. Protection of Customer Data and Privacy All LRCS shall ke necessary steps to profeet customer daa and prvaty. ‘Al LFS shall ensure the implementation ofthese Direations within 3 months fom the date ofthe Direction. All LFCS shall obtain written confirmation fom all exiting employees (prior to ting up their employment) and appointed agents “on the adherenoe to the Financial Customer Protection Framewerk, ‘AIL LECs shal publish the Financial Customer Protetion Framework in their websites and make copics available or customers on request ‘mn her piefomed lnguage and educate them when neessary. new fsa Dr. Indrafie Coomaraswamy Qbairman of te Maneiars Board ani Governar ofthe Central Bank of Ss Lark