Banks are liable to give correct information to customers

Whether it is related to credit or any personal problem, a bad advice affects a lot. Instead of solving your problem, a bad advice can make it worse.

When it comes to debt, saving and investment a single mistake can be very harmful. Well this is not only applicable to you, but it is also applicable for banks and financial organizations.

Most of the time we notice that in order to attract more and more customers, banks and financial organizations do come with exciting offers on fixed deposits, attractive loan offers, investments, credit cards and so on. But sometimes it happens that banks convey a wrong message which can lead to big risks and losses for the customers.

In such cases when the banks are found guilty and any of their offers has caused losses for the customers, the banks are charged with a penalty.

There were many banks that had paid fines because of inappropriate detailing of products and financial services.

Taking this fact into consideration, the Financial Service Authority has laid down a set of instructions for the banks. The main point is that the banks are liable to give correct information to any of its customers.

Before giving any advice, the bank should have healthy and strong procedure that could ensure the customers that the advice given is reasonable and truthful.

The financial condition of the customer should be taken into considerations that would clarify whether they are in a position to invest, take credit or not.

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