The Central Bank of the Solomon Islands issued a statement saying it has taken regulatory steps in response to new cash handling and other fees introduced by the Bank of South Pacific Financial Group Limited, Solomon Islands Branch (BSPFGLSI). The central bank noted customer grievances and said regulatory and supervisory actions are being undertaken under the CBSI Act 2012 and the Financial Institution Act 1998 (as amended), while encouraging affected customers to raise their concerns formally with the bank. The release also reminded customers that all licensed commercial banks and credit institutions must have effective, dedicated complaints handling and dispute resolution mechanisms in place under Prudential Guideline No. 9 on Complaints Management. Customers dissatisfied with the outcome of their complaint, or who believe their complaint has not been appropriately addressed, may escalate the matter to the Central Bank for further review.
Central Bank of the Solomon Islands 2025-07-10
Central Bank of the Solomon Islands takes regulatory steps after BSP Solomon Islands branch introduces new cash handling and other fees
The Central Bank of the Solomon Islands announced regulatory actions in response to new fees by the Bank of South Pacific Financial Group Limited, Solomon Islands Branch, citing customer grievances and invoking the CBSI Act 2012 and Financial Institution Act 1998. It emphasized the requirement for effective complaints handling by banks and advised customers to escalate unresolved issues to the Central Bank.