By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) has given a six (6) year time bar on customers complaints resolution, according to a circular dated August 21, 2015 and signed by Udofia .A. Obot, for director, financial policy and regulation department.
The circular reads thus: “The Central Bank of Nigeria has in recent times, experienced challenges in ensuring timely resolution of complaints from consumers of financial services against financial institutions under its regulatory purview.
This development which has been attributed to non-availability of , or delay in receiving documentary evidence from both parties, underscores the need to have a policy on time bar for complaints management in the financial services industry.
Consequently, the CBN having consulted the relevant stakeholders in the financial services industry, and in line with the provisions of limitations legislation; Money Laundering (Prohibition) Act 2013; and CBN Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Regulation for Banks and Other Financial Institutions in Nigeria, 2013 hereby adopts a time limits of six (6) years, effective from the date of transaction, within which complaints against financial institutions shall be lodged,” the circular said.
The CBN says the time limitation will, however, 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)
“Please note that this circular supersedes the earlier circular referenced FPR/DIR/GEN/CIR/01/045, dated February 16, 2015 on the same subject,” the CBN added.
