By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Tuesday said it has introduced a six (6) years limit for the resolution of bank customers’ complaints.

The CBN said this in a circular dated February 16 and signed by Kevin Amugo, director, Financial Policy and Regulation Department, CBN.

The new policy takes effect from February 16, 2015 according to the circular addressed to all banks, discount houses and other financial institutions.

According to the CBN, it had in recent time experienced increasing challenge in ensuring the timely resolution of complaints from consumers of financial services against financial institutions under its purview, due to non-availability or delay in receiving documentary evidence from both parties.

“The situation has underscored the need for a time bar policy for complaints management in the financial services industry,” the CBN said.

The CBN says that  after due consultation with relevant stakeholders in the financial services industry and in line with the provisions of the limitation legislations; Money Laundering (Prohibition) Act 2013; and CBN Anti-money Laundering and Counter Financing of Terrorism (AML/CFT) Regulations for Banks and Other Financial Institutions in Nigeria 2013, the CBN in exercise of the powers conferred on it by the CBN Act 2007 and the Bank and Other Financial Institutions Act (BOFIA) 2004 as amended, it decided to “introduces a time limit of six years for the resolution of consumer complaints effective from the date of transactions.”

It explained that the time limitation would not apply to fraud cases; complaints already lodged with the financial institutions and the CBN; and international electronic payment transactions whose records are not retained beyond 180 days on the dispute resolution application (arbiter).

“This circular takes effect as dated and financial institutions are required to educate and communicate the development to their customers,” the CBN added.