Consumer Rights Commission of Pakistan is undertaking a research study on Consumer Financing and Legal Financial Rights of Citizens with the support of The Asia Foundation. The study is being conducted in the backdrop of the tremendous growth in consumer financing in Pakistan during the last few years. In all types of products and services such as credit cards, auto leasing, house mortgages, and personal loans etc, the banks operate with the primary motive of profit, sometimes at the cost of consumers. The problems of unjustified tariffs, hidden charges, high profits, service inefficiencies, procedural delays and lack of transparency are rampant due to poor enforcement of regulatory policies and rules.

There is a need to strike a balance between the financial rights of the banks and the consumers not only for the sake of safeguarding the interest of the consumer, but also for ensuring a fair competition in the financial sector. Consumer needs to be educated about the policies and procedures of the banks. It is also necessary that the consumer should know the appropriate forums for redress of grievances in case of violation of financial rights.

The research study will present an objective and fair mapping of the public concerns and regulatory weaknesses related to consumer financing and insurance services in Pakistan. The study will also recommend measures to address the missing links in regulation and consumer education so that the legally enforceable financial rights of the citizens could be promoted and protected.

For more information, Contact: Project Coordinator Consumer Financing and Legal Financial Rights of Citizens: The Missing Links Consumer Rights Commission of Pakistan (CRCP) House 13, St.1, G-6/3 Islamabad. Ph: 0092-51-111-739-739; Fax: 0092-51-2825336 E-mail: main@crcp.org.pk

Consumer Financing and Legal Financial Rights of Citizens: The Missing Links