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  • 2.2 Transparency

    • 2.2.1 General Provisions for Transparency

      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.

    • 2.2.2 Providing Comparative Information/Options

      1. 2.2.2.1Before the sale of a Financial Product and/or Service, Licensed Financial Institutions must present all reasonable product comparisons/options for the type of products that are being considered by the Consumer. This will include comparison of benefits, options, pricing, Fees, risks, terminations costs etc. of the various Financial Products and/or Services that the Licensed Financial Institution offers.
      2. 2.2.2.2Licensed Financial Institutions must not deliberately withhold or conceal the existence of reasonable alternative Financial Products and/or Services that may be appropriate to the Consumer including those with lower costs, financing rates and Fees.