The Bank of Thailand ( BoT) has tightened regulations for financial institutes’ interest adjustment and service fee pricing. The move, which will be enforced from April 1, focuses on fairness and transparency.
Thanyanit Niyomkarn, Assistant Governor, Supervision Group 2 of the central bank, explained that the regulation tightening aims at ensuring people will be able to receive appropriately priced monetary products and services. It will also make sure that financial institutions provide adequate information about their offerings and engage in fair competition.
According to the BOT, interest adjustment must be done fairly, reflects actual costs, and must not be bundled with other fees. The pricing of services and interest adjustment must be based on an appropriate calculation and actual costs. The central bank also said that banks must provide clients with clear instructions on how they can redeem fees from unused services.
Financial institutions must not collect fees from common operations, said the BoT, while adding that they must be transparent in informing customers about the interest rates and fines.
Thanyanit also said that banks must coordinate with their affiliates to ensure that they also follow the said guidelines. (NNT)
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