Sri Lanka, May 5 -- The Central Bank of Sri Lanka (CB) has addressed 68 percent of actionable financial consumer complaints in 2024, underscoring its intensified efforts to strengthen consumer protection mechanisms, according to its Financial Statements and Operations 2024 report.
A total of 3,374 complaints were lodged with the CB during the year, primarily concerning requests for concessions on financing facilities, unethical practices, high-interest rates, excessive fees, and financial scams. The regulator resolved nearly seven out of ten grievances where corrective action was feasible, reflecting improved oversight under its newly enforced Financial Consumer Protection Regulations (FCP Regulations) No.01 of 2023.
The regulations, fu...