Central Bank of Sri Lanka moves to strengthen consumer protection and financial literacy 

The Central Bank of Sri Lanka’s Financial Consumer Protection Regulations, which recently came into effect, establish the foundation for market conduct supervision by CBSL, facilitating the development of a trusted and stable financial system. 

The Regulations, which apply to all CBSL-regulated Financial Service Providers, seek to ensure that individuals and businesses interacting with financial products and services are treated in a fair and transparent manner with an acceptable level of service, enabling them to take well-informed decisions.  

Latest developments in digital financial services and customer data protection, as well as requirements of consumers with special needs, have been incorporated into the Regulations. The regulations provide an internal complaint handling mechanism, supplemented by an alternative dispute resolution mechanism provided by CBSL. 

Recently, CBSL launched a Financial Literacy Roadmap,  which seeks to cultivate prudent and responsible financial behaviour, while supporting financial inclusion, consumer protection and financial stability. A key element of Sri Lanka’s National Financial Inclusion Strategy (NFIS), the Roadmap seeks to encourage informed and responsible usage of financial products.  

Complementing the Roadmap is a comprehensive action plan, developed with support from the United Nations Development Programme. 

You can learn more about the Central Bank of Sri Lanka’s initiatives on their website.