MONROVIA, February 2 (LINA) - Customer complaints to the Central Bank of Liberia (CBL) against commercial banks have reduced considerably since the setting up of the Consumer Protection Unit (CPU) at the CBL in 2011.

 
Banks are required to have a complaint desk to investigate customers’ concern and log the complaints to the CBL, according to the CBL 2014 Annual Report covering the period January 1 to December 31, 2014.
 
The primary objective of the unit, the report indicated, is to promote good business practices and market conduct as well as enhance consumer confidence in the financial system.
 
As a further step to strengthen consumer protection and market conduct in the financial system, CBL also issued and published a Consumer Protection and Market Regulation.
 
The regulation seeks to promote transparency in the financial institutions as a means of empowering consumers to make informed decisions, the report quoted by the Liberia News Agency said.
 
The regulation is also to foster confidence in the financial services sector by ensuring that financial institutions provide quality services to their customers and other stakeholders, according to the report.
 
It said: “The regulation also encourages financial institutions to establish and implement efficient and effective mechanism for handling consumer complaints relating to the provision of financial products and services.”