Central Bank to launch consumer protection unit

To enhance transparency and quality of service

The Central Bank (BDL) will establish the ‘Department of Consumer Protection in the Banking Sector’ (DCPBC), a new department to enhance the quality of banking services, in cooperation with banks.

“The new department’s mission is to make sure that banks have the regulations, equipment, and human resources to guarantee a transparent and fair relationship with clients, in order to enhance the reputation of the banking sector,” said Riad Salameh, Governor of the BDL.

This project complements two other circulars, issued in 2010 and 2012, which were related to how banks should deal with clients. “The BDL aims to comply with international banking standards similarly to other central banks,” a source at the BDL said.

The DCPBC will be affiliated with the Banking Control Commission of Lebanon (BCCL). The BCCL role is to monitor that banks will apply transparency policies and measures set by the DCPBC.

The BDL is expected to issue a circular in the upcoming weeks, in which it defines the new department’s missions and responsibilities. The circular is also expected to call for banks to establish their own internal consumer watchdog.