Karachi, August 1, 2023 – In a significant move towards safeguarding consumer rights, the State Bank of Pakistan (SBP) has taken proactive steps to enhance consumer protection by restructuring its internal departments.
In a circular issued on Tuesday, the SBP announced the separation of the erstwhile Banking Conduct & Consumer Protection Department (BC&CPD) into two distinct departments, aimed at bolstering its supervisory role in consumer protection.
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The newly established departments are the Banking Conduct Policy Department (BCPD) and the Consumer Protection Department (CPD). Placed under the Banking Policy & Regulations Group and the Banking Supervision Group, respectively, these departments will work in tandem to ensure a robust and comprehensive approach to consumer protection.
The Banking Conduct Policy Department (BCPD) will be primarily responsible for formulating and implementing policy matters related to overall banking conduct, SBP electronic credit information bureau (SBP-eCIB), and private credit bureaus. On the other hand, the Consumer Protection Department (CPD) will focus on the operational side of conduct monitoring, consumer protection, complaints redressal, and conduct risk assessment.
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This strategic move demonstrates the State Bank of Pakistan’s unwavering commitment to safeguarding the interests of consumers and promoting fair practices within the banking industry. By empowering specialized departments, the SBP aims to create a more robust framework to address consumer grievances and ensure accountability among financial institutions.
In light of these developments, the SBP proudly announced that Syed Ali Raza has assumed the charge of Director, Banking Conduct Policy Department, State Bank of Pakistan, with effect from July 27, 2023. With his expertise and dedication, the SBP aims to achieve its goal of strengthening consumer protection measures and fostering trust within the banking sector.
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With these innovative initiatives in place, the State Bank of Pakistan reaffirms its commitment to the well-being of consumers and lays the groundwork for a fair and secure financial landscape in the country.
