Signing of MoU on Consumer Protection Affairs in the Financial Services

On June 18, 2019, in the presence of the Officiating Secretary Mr. Kinley T Wangchuk, Ministry of Economic Affairs, Director, Office of Consumer Protection and Dy. Governor, Royal Monetary Authority signed a Memorandum of Understanding (MoU) on the promotion of consumer protection affairs in the financial services.

The main objective of the MoU is to promote consumer protection affairs in the financial services considering the need to promote fair trade, ethical business practices and redress aggrieved consumer in financial sector.

The areas of cooperation and collaboration under the MoU includes:

  • Coordinating and collaborating to promote consumer protection affairs and ensure consumers are treated fairly and equitably without any discrimination while rendering financial services to consumers;
  • In consultation, formulating rules and regulations on financial consumer protection to address consumer issues and provide mechanism to redress consumer grievances in the financial service;
  • Mutually identify areas of cooperation in financial consumer protection from time to time and collaborate to provide consumer protection services;
  • Providing expert views & opinions and technical backstopping to each other in relation to financial consumer protection and for addressing and redressing consumer issues; and
  • Providing or exchanging information required for financial consumer protection on requests.