Client Protection Principles
The client protection principles articulate the standard of care that clients should expect to receive when doing business with financial service providers. Responsible financial services providers encompass the core client protection principles to help financial service providers practice good ethics and smart business. The following principles should be followed for the effective business.
1. Equal and Fair Treatment (समान व्यवहारको सिद्धान्त)
The service provider should provide their clients fairly and respectfully. There should not be any discrimination for all range of customers.
2. Business Ethics Principle (नैतिकताको सिद्धान्त)
While handling clients, the bank’s employee should maintain a high standard of business ethics.
3. Transparency Principle (पारदर्शिताको सिद्धान्त)
Costs and all conditions of providing financial services including interest charge, commission fees, and other additional charges should be transparent and clearly communicated to the customers.
4. Reasonable Pricing (उचित मूल्यको सिद्धान्त )
The pricing of the products and services should be affordable for all types of customers. So, everyone can purchase the products.
5. Principle of Competition (प्रतिस्पर्धा छनोटको सिद्धान्त )
Customers should be free to choose the product and services among many alternatives. The creation of compulsion situation should not be created for customers.
6. Principle of Customer Protection (ग्राहकको सुरक्षाको सिद्धान्त )
The bank should maintain an adequate security mechanism to protect its clients within the premises of the bank.
7. Customer Privacy Principle (ग्राहकको गोपनीयताको सिद्धान्त)
The bank should maintain the customer’s privacy. Any type of transaction of the customer is not disclosed publicly.
8. Principle of Conflict and Interest (विवाद र हितको सिद्धान्त )
The bank is responsible for settling down any types of conflict arose. The bank even can take the help of the third party to overcome the situation. There should be a grievance handling unit to address customer complaints.
9. Financial Literacy (वित्तीय साक्षरता)
Bank and Financial Institution are responsible for increasing financial literacy so as to raise financial awareness among the public. The public should be informed and educated about why, how and when to use the bank.
Obligations of Customers
- Customer should be polite and responsible.
- Customer should provide real documents whenever bank asks.
- If the bank asks for additional documents, customers should provide without hesitation.
- Before singing in the terms & conditions of the bank, the customer should read all the conditions beforehand. Customers should not complain later about the terms &conditions.
- Timely payment of the interest, commission fees, and loan of the bank.
- Keeping all the document given by the bank.
- Maintaining confidentiality about banking transactions.