The Brunei Darussalam Central Bank (BDCB) has issued a new notice setting out requirements for banks and financial institutions to ensure the fair treatment of financial consumers.
The Notice on Fair Treatment of Financial Consumers (Notice No. CE/N-1/2026/1) was issued on August 31 and will take effect on March 1, 2027.
The notice forms part of BDCB’s efforts to strengthen financial consumer protection and raise standards of conduct across the financial sector.
Under the notice, banks and financial institutions are required to incorporate conduct risk into their governance and risk management arrangements, provide clear and balanced information, ensure advice and recommendations are suitable for consumers, and maintain fair contractual terms.
Particular emphasis is also placed on the fair treatment of vulnerable financial consumers.
Banks and financial institutions are expected to take appropriate measures to understand and address the needs of vulnerable consumers, including when designing and offering financial products and services.
BDCB said the requirements are aimed at promoting fairer outcomes for financial consumers, strengthening trust and confidence in the financial system and contributing to domestic financial stability.
SOURCE/AUTHOR : BORNEO BULLETIN
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