The State Bank of Pakistan (SBP) has taken the initiative of launching a conduct assessment framework (CAF) to promote the concept of responsible banking (in other words, self assessment) among financial institutions with regard to fair treatment of customers, a circular said on Friday.
The SBP imposed the CAF on banks to adopt from 1st January whereas the banks will be required to undertake the annual assessment as of 31st December.
According to the SBP, the framework is a conduct tool for self assessment for the banks. The purpose is simple, to adopt and develop a periodic, reliable, diagnostic and comparable mechanism which would help banks to deliver on their commitment of fair treatment of customers (FTC) in an optimum manner.
This tool will help identify the grey areas as well as keep track of all the progress with . It comprises of three modules in addition to cultural, products/services and consumer grievances handling mechanism.
SBP said that in order to ensure FTC framework, this initiative will go a long way to impact customers in a positive manner.