CBN unveils 6-year time bar recommendation on consumer complaint

The Central Bank of Nigeria (CBN) has un¬veiled the 6-year time bar recommendation on consumer complaints for comments from stakehold¬ers.
This is against the back¬drop of timely resolution of complaints from consumers against the financial servic¬es providers (FSP) within the regulated timeline which has been a major challenge for the CBN, FSP and con¬sumers.
According to the apex bank, amongst other is¬sues, availability and access to supporting documents were identified by stake-holders as a major setback for the timely resolution of complaints.
The CBN had in No¬vember 1, 2013 issued a letter to stakeholders to make submission on the desirability of placing a time bar for managing complaints in the industry, and a time bar of 6 years from the date of transac¬tion was recommended after which complaints against FSPs would not be entertained.
In a circular signed by Dutse U.A., director, con¬sumer protection depart¬ment, CBN, identified the need to have in place, ad¬equate measures to ensure that consumers are diligent in their financial transac¬tions by making prompt claims on transactions as they occur, and to ensure that FSPs are able to resolve same with the required re¬sources.
“In line with the CBN to carry its stakeholders along as developments evolve we are exposing the above recommendation for your comment. These can be forwarded in hard or soft copies”