Financial Consumer Relations Department (FCRD)

Financial Consumer Relations Department (FCRD) was established under the provisions of Section 33 of the Monetary Law Act No. 58 of 1949, as amended. Initially, FCRD will be serving as a single point of contact for receipt and dissemination of all external complaints directed by financial consumers of entities regulated by CBSL. Going forward, FCRD will focus on supervising standards of market conduct, review financial consumer protection policies in line with the local and international market developments and best practices, taking proactive and reactive measures with respect to malpractices, misconducts and identify and monitor emerging vulnerabilities in the financial consumer protection related issues.

The entities regulated by CBSL that comes under the purview of FCRD will be as follows.

  1. Licensed Commercial Banks
  2. Licensed Specialised Banks
  3. Licensed Finance Companies
  4. Specialized Leasing Companies
  5. Authorized Primary Dealers
  6. Participants of Payments and Settlement Systems (other than financial institutions)
    Global Payments Asia - Pacific Lanka (Private) Limited*
    Dialog Axiata PLC*
    Mobitel (Pvt) Ltd*

    * Only for Payment System issues


Complaint Submission

A Complaint against an entity mentioned above should be submitted via e-mail, post or fax to FCRD by downloading the Complaint Submission Form from the web link or QR Code given below.

QR Code:






Complaint Handling Procedure

The Complaint Handling Procedure of FCRD is given below.

  1. FCRD assigns a specific Complaint Reference Number (CRN), upon receipt of a complaint and an acknowledgment is sent to the primary complainant by FCRD with the respective CRN according to the preferred mode of correspondence.
  2. The complaint is initially assessed by FCRD to determine whether to proceed with it.
  3. The so assessed complaint based on the information provided by the complainant(s) is submitted for the consideration of the relevant financial institution and/ or other department(s) of CBSL, depending on the cause of complaint.
  4. The relevant financial institution is required to provide a suitable response to the complainant in writing, directly within the stipulated time and inform FCRD of the action(s) taken to resolve the complaint.
  5. The action(s) taken by the financial institution as informed to FCRD is reviewed by FCRD, if the primary complainant is not satisfied with the response provided by the financial institution. The primary complainant must submit the latest position of the complaint again for further consideration of FCRD, if she/he is desirous of FCRD to revisit the matter.
  6. Thereafter, FCRD would direct the latest position of complaint along with the reviewed response with suitable comment(s) to the relevant financial institution for re-consideration to resolve the matter in concern within the stipulated time.
  7.  If the action(s) of the financial institution in question is non-compliant with the legal and regulatory requirements about the complaint, relevant competent authority is informed to initiate necessary enforcement action(s).

Background for the Regulation on Financial Consumer Protection


The purpose of Financial Consumer Protection (FCP) Regulations is to safeguard the interests of the financial consumers, promote fair and transparent finance business practices of Financial Service Providers (FSPs) and strengthen the financial consumer confidence in the financial sector to ensure the stability and soundness of the financial system in Sri Lanka.


FCP Regulations are a balanced mix of principle- and rule-based regulations to achieve the following objectives:

(a)  Establish and harmonise FCP practices across FSPs;

- Financial Consumers are not subject to unfair or deceptive practices
- Financial Consumers have access to recourse mechanisms to resolve disputes; and
- Financial Consumers receive information to allow them to make informed decisions.

(b)  Implement an effective FCP mechanism in FSPs.
(c)  Improve dispute resolution and redress mechanism available to financial consumers.
(d)  Ensure fair market conduct and business practices and promote self-regulation of FSPs.
(e)  Promote financial consumer education and disclosure for financial consumers to make effective and informed financial decisions.
(f)  Empower CBSL to implement, supervise and regulate the FCP of FSPs.

FCP Principles

FCP Framework is based on the following five principles, which should be adopted, protected and promoted by all the stakeholders in all encounters and dealings with their financial consumers and potential financial consumers. These principles shall be used as the basis for the supervision and regulation of FCP by CBSL.

  1. Responsible market conduct and competition.
  2. Fair and equitable treatment.
  3. Effective complaint handling and redress.
  4. Protection of privacy of financial consumer’s financial information and 
  5. Financial education, disclosure and transparency.

Responsible Market Conduct and Competition

This principle requires FSPs to be highly ethical and responsible with professionalism and integrity in conducting business operations and transactions, especially lending, debt recovery, financial advising, sales promotion, advertising, and communication.

Fair and Equitable Treatment

This principle discourages discrimination against financial consumers and promotes inclusive and fair treatment of all financial consumers by FSPs.

Effective Complaint Handling and Redress

This principle requires FSPs to have a complaint redress mechanism with appropriate and adequate measures to address financial consumer complaints and grievances. The prevalence of effective, affordable, fair, timely, transparent, accessible and independent complaint handling mechanisms are essential ingredients of this principle.

Protection of Privacy of Financial Consumer’s Financial Information

This principle requires FSPs to ensure that appropriate protective measures and control mechanisms are in place to safeguard the privacy of financial consumers’ financial information against possible fraudulent practices and misuses.

Financial Education, Disclosure and Transparency

This principle promotes adequate and accurate information on financial products and services in a timely manner and restricts FSPs from providing misleading contractual information and advertisement.

Stakeholder’s Roles and Responsibilities

Financial consumers, FSPs and CBSL as the key stakeholders have unique roles and responsibilities in order to have an effective FCP framework in the financial system.

Financial Consumers’ Rights and Responsibilities

Financial consumers have the rights to be protected by the FSPs to maintain trust and confidence in the financial system. Also, financial consumers have responsibilities to which they must adhere.

Financial Consumer Rights:

(a) To be treated equitably and fairly inside every FSP, especially financial consumers who are elderly, disabled or with low financial literacy, to receive special attention and fair access to financial services;
(b) To make a complaint and receive a satisfactory response within a reasonable time period;
(c) Maintain privacy and confidentiality of their financial information;
(d) Have appropriate access to financial products and services; and
(e) To receive complete, clear, concise, accurate and not misleading information about any product, service or/and transaction at any stage in a preferred language (English, Sinhala or Tamil).

Financial Consumer Responsibilities

(a) Financial consumers have not entered into a contract without having the full knowledge and understanding of the product/service offered;
(b) Comply with the obligations, terms and conditions stipulated in the contract;
(c) Comply with the FCP regulations;
(d) Submit duly completed application forms and supporting documents without delay;
(e) Not to borrow beyond the affordable repayment capacity;
(f) Provide up-to-date, complete and accurate information where required and notify any changes without delay;
(g) Notify FSPs of challenges that may constrain their ability to meet contractual obligations without a delay;
(h) Exercise due care in all transactions with FSPs;
(i) Maintain credit worthiness in terms of credit reports and repayment capabilities;
(j) Alert relevant FSPs of any loss of important information and documents without delay;
(k) Keep personal financial information and documents safe and secure;
(l) Submit a complaint if necessary to the relevant party on time;
(m) Consumers shall not allow the repayments or instalments to go into arrears, and prompt repayments will create healthy relationships with FSP;
(n) If a consumer intends to settle credit facility earlier than the due date, he shall pay a certain amount of money over the loan amount as agreed at the time of accepting the offer;
(o) Consumers shall notify FSP promptly of any fraudulent transaction/s or such attempts in their dealings with the FSP whenever they become aware of such instances;
(p) Consumers shall exercise the utmost care in using, storing and handling Personal Identification Numbers (PIN) and other security measures of other electronic means of transacting with the FSP; and
(q) Consumers shall not treat any operational lapse of an FSP on its obligations other than any dispute on the amount payable to the FSP as a reason for his non settlement or delay in settlement of debt unless otherwise allowed by a Court of Law.

FSPs Rights


Right to be protected if financial consumers fail to;

    1. Ensure intended usage of financial products and services
    2. Ensure intended usage of financial products and services
    3. Inform FSPs of challenges constraining their ability to meet contractual obligations
    4. Inform FSPs of any loss of important information and documents and
    5. Keep their personal financial information safe and secure.
(b) Right to assess financial consumers based on their creditworthiness.
(c) Rights of general lien.
(d) Rights of set-off.
(e) Rights of appropriation.
(f) Rights to charge interest and commission and
(g) Rights to close the account.

FSP Responsibilities

(a) Ensure compliance with the FCP regulations.
(b) Provide fair and equitable treatment.
(c) Hear and redress grievances and complaints.
(d) Ensure privacy and confidentiality of financial information.
(e) Provide clear, relevant and timely information for them to make informed decisions before, during and after the point of sale, including the costs, risks and important exclusions or limitations.
(f) Provide suitable advice and recommendations that take into account their financial needs and circumstances.
(g) Provide up-to-date, complete and accurate information and
(h) Supervise respective agents to prevent a breach of FCP regulations.

Basic Rights of Financial Consumers

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Contact Details

Postal Address : Financial Consumer Relations Department,
  No. 30, Janadhipathi Mawatha, Colombo 01
Hotline for Inquiries : 1935
Telephone : +94 112477966
Fax : +94 112477744
Email :