CBI: License Application Support and Compliance
In addition, the recent updates to the Consumer Protection Act of 2022 have introduced significant changes and compliance requirements to CBI codes and regulations. These changes mandate that entities involved in hire purchase, including PCP, consumer hire, indirect credit, providers, and servicers, must now obtain authorization from the Central Bank.
Firms are obligated to meet specific minimum competency standards and adhere to various regulations and safeguards designed to protect consumers. Non-compliance may result in penalties and regulatory enforcement actions.
The CBI’s application process, as outlined in the Regulated Market Entry section, covers the following key areas:
- Board and Committee Structure
- Management Information
- Compliance Advisory Function
- Policy and Procedure Framework
- Regulatory Change Analysis
- Compliance Risk Assessment and Monitoring Framework
- Compliance Issue Management and Resolution
- Compliance Reporting
It’s important to note that the CBI may request additional information or clarification from new license applicants. Regarding the Consumer Protection Act of 2022, the Central Bank emphasizes the importance of firms and their staff meeting the required minimum competency standards, particularly when dealing with consumers in the context of retail financial products.
Should you encounter queries or information requests, our team is ready to collaborate with you and your legal advisors to provide expert assistance.