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Responsibilities of Financial Service Providers

Financial institutions are obligated to respect your rights. When both the client and financial institution respect each other‘s rights and carry out their respective responsibilities, there should not be any cause for fear or anxiety. The government makes sure that banks follow a code of ethics that protect consumers rights. Knowing what these rights are will help you to interact with banks and other financial institutions. The basic ones include:  1. They must be transparent and forthcoming with you about their products and the terms and conditions of those products. 

2. They must answer all your questions about their products and services honestly and fully

3. They must use fair and ethical debt collection practicesThe State Bank of Pakistan (SBP) is the central bank of the Islamic Republic of Pakistan. 

Like a Central Bank in any developing country, SBP performs both the traditional and developmental functions to achieve macro-economic goals.  The traditional functions, which are generally performed by central banks almost all over the world, may be classified into two groups: 

(a) Primary functions including issue of notes, regulation and supervision of the financial system, bankers’ bank, lender of the last resort, banker to Government, and conduct of monetary policy

(b) the secondary functions including the agency functions like management of public debt, management of foreign exchange, etc., and other functions like advising the government on policy matters and maintaining close relationships with international financial institutions. 

The non-traditional or promotional functions, performed by the SBP include development of financial framework, institutionalization of savings and investment, provision of training facilities to bankers, and provision of credit to priority sectors.  SBP has taken several measures to ensure that rights of consumers are protected and the responsibilities of both consumers as well as banks are enforced. For more information you can log onto http://www.sbp.org.pk