The State Bank of Pakistan has issued the “Business Conduct and Fair Treatment of Consumers Regulatory Framework” (BC&FRF), setting principles-based and rule-based obligations on market conduct and consumer protection for banks, Development Finance Institutions, Electronic Money Institutions, and Payment System Operators and Payment Service Providers, as relevant to their activities. The framework covers the full product lifecycle, from product development and pre-sale disclosures through service delivery, complaints handling, and relationship termination. Finalised following a consultative process with consumers and industry stakeholders, the BC&FRF is organised into two parts: Part I sets outcome-based general principles, while Part II comprises six pillars covering governance and oversight, disclosure and transparency, fair treatment and business conduct, data protection and privacy, dispute resolution mechanisms, and awareness and capacity building.
State Bank of Pakistan 2025-10-17
State Bank of Pakistan issues Business Conduct and Fair Treatment of Consumers Regulatory Framework for banks and payment providers
The State Bank of Pakistan has issued the "Business Conduct and Fair Treatment of Consumers Regulatory Framework" (BC&FRF), setting obligations on market conduct and consumer protection for financial entities. Developed after consultations, it includes principles and rules covering the entire product lifecycle, from development to termination. It is divided into two parts: general principles and six pillars addressing governance, transparency, fair treatment, data protection, dispute resolution, and capacity building.