CBSI Statement on new Cash Handling Fee and Other Fees imposed by BSP

The Central Bank of Solomon Islands (CBSI) wishes to inform the general public that it has taken regulatory steps following the introduction of new handling fees and other fees by the Bank of South Pacific Financial Group Limited, Solomon Islands Branch (BSPFGLSI).

CBSI acknowledges the grievances received from BSPFGLSI’s customers and wishes to reassure the public that appropriate regulatory and supervisory actions are being undertaken in accordance to the CBSI Act 2012 and Financial Institution Act 1998 (as amended).

In line with these efforts, CBSI encourages all affected customers of BSPFGLSI to formally raise their concerns directly with the bank.

Furthermore, CBSI wish to inform all bank customers that all licensed commercial banks and credit institutions, are required under Prudential Guideline No. 9: Complaints Management to have an effective and dedicated complaints handling and dispute resolution mechanisms in place.

CBSI reiterates that customers who are dissatisfied with the outcome of their complaints or believe they have not been appropriately addressed by their banks may escalate the matter to the Central Bank for further review.

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– CBSI Press Release