PenCom introduces consumer protection framework
Pension
PenCom introduces consumer protection framework
Nike Popoola
The National Pension Commission has introduced Consumer Protection Framework for the Nigerian Pension Industry.
According to the framework obtained today, Saturday, the pension industry regulator said in fulfillment of its statutory mandate of providing adequate protection to consumers, it deploys effective regulatory and supervisory tools that facilitate effective monitoring of services offered by Licensed Pension Fund Operators (LPFOs) towards ensuring consistent excellent service delivery to consumers (contributors & retirees).
It states that, “Consumer Protection is the practice of safeguarding consumers of goods and services as well as the public against unfair practices in the marketplace. It provides protection to businesses and consumers from fraud, misinformation or unfair practices by competitors.
“The need for a Consumer Protection Framework (the Framework) is key towards attaining excellent service delivery in the pension industry. Importantly, it will continuously serve as a set of guiding principles for the industry to meet consumers’ expectations on excellent service delivery. This framework, therefore, seeks to define various consumer protection principles, alongside the rights and responsibilities of consumers.”
PenCom states that, all consumers shall be treated equitably and fairly at all stages of their relationship with LPFOs. Treating consumers fairly shall be an integral part of good governance and corporate culture in the Nigerian pension industry.
Special attention shall be dedicated to the needs of vulnerable persons/groups. In addition, there shall be uniform terms of contract for consumers in the industry at entry, contribution and exit stages of the CPS.
