SECP to Create Pakistan’s First Financial Complaints Centre

The Securities and Exchange Commission of Pakistan (SECP) has taken another step toward establishing the country’s first Financial Services Dispute Resolution Centre, a proposed institution aimed at resolving disputes involving banks, insurers, investors, and other financial institutions more quickly and at lower cost.

The SECP, in collaboration with the United States Commercial Law Development Program and Singapore’s Financial Industry Disputes Resolution Centre (FIDReC), held a stakeholder consultation in Islamabad to discuss the framework for the proposed body.

The planned centre would operate as an independent, not for profit institution under SECP oversight and serve as a one stop platform for resolving complaints and disputes involving consumers, investors, and financial firms.

Representatives from the judiciary, stock exchanges, clearing companies, mutual funds, and insurance companies participated in the discussions.

SECP Chairman Dr. Kabir Ahmed Sidhu said mediation has increasingly become the preferred first step for resolving disputes globally, helping reduce litigation costs, speed up recoveries, and strengthen investor confidence. Former Supreme Court judge Justice (R) Mushir Alam and Lahore High Court Judge Justice Jawad Hassan also backed the initiative, saying it could help reduce court backlogs and improve access to justice.

Participants expressed broad support for the proposal and agreed that continued engagement with stakeholders would be essential as Pakistan moves toward setting up its first dedicated financial sector dispute resolution institution.