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2.2.1 General Provisions for Transparency

C 8/2020 STA Effective from 25/12/2020
  1. 2.2.1.1The Consumer Protection Regulation and the accompanying Standards focus on the best interests of Consumers by ensuring that Licensed Financial Institutions:
    1. a.Provide competent Advice that is sound, constructive and understandable;
    2. b.Advise Consumers of all reasonable options, substitutes and choices available from the Licensed Financial Institution based on Consumer needs;
    3. c.Eliminate the use of fine print and legal jargon;
    4. d.Correspond in clear and plain language;
    5. e.Explain the full impact of any risks, key restrictions and obligations;
    6. f.Explain the possible negative impact of fluctuations in interest/profit rate and exchange rates on remittances, transfers and foreign exchange products and/or services; and
    7. g.Disclose and explain any potential conflicts of interest between the Consumer and the Licensed Financial Institution.
  2. 2.2.1.2Information must be timely, up-to-date and provided at each stage of the contractual process to ensure Consumers have the information required to facilitate informed decision-making.