In bid to strengthen compliance as well as protect consumers’ rights, the Federal Competition and Consumer Protection Commission (FCCPC) at the Weekend interfaced with the banking sector while advocating for protection of consumer data and rights in the banking sector.
According to the FCCPC X handle, the engagement is part of its sector-by-sector Roundtable Compliance Engagements, which foster dialogue for a fairer financial landscape, which took place in Lagos.
“The key focus areas included empowering stakeholders with compliance knowledge, strengthening self-regulation and consumer protection, and addressing sector-specific challenges.
“There are now data protection laws in Nigeria, and financial institutions will be held liable when consumers’ data is compromised.
”There must be proper disposal of Know-Your-Customer (KYC) forms in order not to end up in the wrong hands. Some of the KYC forms are seen being used by roadside sellers to package food items to people; this is wrong,” the Commission said.
