FCCPC Warns Banks of Sanctions Over Customer Rights Violations Amid Online Service Issues.
Written by Noble People Crew on 30 October 2024
FCCPC Warns Banks Over Customer Rights Violations Amid Ongoing Online Banking Issues
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a strong warning to banks regarding ongoing online banking disruptions, which continue to impact customer rights. Tunji Bello, Executive Vice Chairman of FCCPC, stated that the FCCPC Act empowers consumers to seek redress when services fall short of established standards.
The FCCPC urged financial institutions to swiftly resolve service disruptions, prioritise customer support, and improve communication efforts to manage customer expectations transparently.
The Commission is currently assessing the situation to ensure consumers’ rights are upheld. Bello highlighted the significant effect of these disruptions, which have restricted customers’ access to funds, payments, and essential transactions—causing widespread inconvenience for individuals and businesses alike.
Under the FCCPA Act (2018), bank customers are entitled to fair and reliable service delivery. According to Bello, the right to quality service obligates banks to maintain reliable access to essential financial services. “When banks fail to ensure access to these services, they fall short of this standard, leading to financial distress, loss of trust in the system, and adverse economic impact,” he explained.
The FCCPC also emphasized the importance of transparency, urging banks to keep customers informed during disruptions. Many consumers, however, report feeling unsupported and uninformed about service issues.
The Commission is collaborating with other regulatory bodies, banks, and stakeholders to address the disruptions and protect consumers. Bello reaffirmed FCCPC’s commitment to enforcing accountability and pursuing all necessary measures to safeguard consumer rights under the FCCPC Act.