28 Questions
What is the 2nd step to take if the FI fails to meet its obligations?
Obtain an acknowledged copy of your complaint with a reference number
Which information must be included in your complaint according to the text?
Your financial institution's name and account number
What is NOT mentioned as a channel for internal dispute resolution in the text?
Fax
Why should your complaint be clear and concise according to the text?
To avoid ambiguity
What does the right to safety entail for consumers?
Providing a safe and conducive banking environment, channels, and platforms
Which right allows consumers to opt-out when services are no longer satisfactory?
Right to choose
What is the purpose of the right to consumer education?
To provide knowledge for making informed financial decisions
Why is it important for financial institutions to provide accurate and timely information on products and services?
To enable consumers make informed decisions
Which right ensures that consumer information must be protected from unauthorized access?
Right to confidentiality
What do consumers have the liberty to do under the right to choose?
Choose from a variety of products and services
What is the main purpose of the redress mechanism mentioned in the text?
To efficiently settle claims or disputes for consumers
Which of the following is NOT considered when consumers are to be treated fairly?
Special benefits received from subscriptions
What does it mean to have a 'duty of knowledge and understanding' as a consumer?
Responsibility to acquire necessary financial knowledge for informed decisions
What does it mean to 'protect financial instruments and information'?
Ensuring the security and confidentiality of financial assets and information
Which of the following is NOT listed as a responsibility of consumers in their contractual relationships with financial institutions?
Duty to ignore financial information
Why is it important for consumers to acquire requisite financial knowledge according to the text?
To manage personal finances effectively and make informed decisions
What action should consumers take if they observe sharp or unethical practices like fraud or illegitimate charges by financial institutions?
Report the observed cases to the CBN.
Why is a formal contract different from an agreement made with a friend or relative to borrow money?
It provides legal binding and consequences for non-compliance.
What could happen if a party fails to meet their obligations as stated in a formal contract?
Legal consequences may follow such as penalty charges or court action.
Why is it crucial for consumers to inform the bank promptly when facing financial challenges?
To allow the bank to assist in finding a solution.
What can consumers do if they are dissatisfied with the resolution provided by a bank regarding a financial issue?
Escalate the issue to the CPD after waiting for two weeks for resolution.
In what cases might a guarantor be informed according to the text?
If the consumer misses a payment deadline.
What is one of the key responsibilities of consumers according to the text?
Protecting their financial information such as account numbers and PINs
What do consumers need to do if they observe a compromise in their personal information as per the text?
Take immediate steps to notify financial institutions
What type of information should consumers keep accurate and up-to-date for financial institutions?
Personal identification numbers (PINs)
If consumers want to give clear mandates to FIs, what should they do according to the text?
Report any change in orders to FIs in a timely manner
What should consumers do when they review evidence of financial dealings with FIs?
Make observations known to FIs when due
Why are consumers advised to take immediate steps when they observe a compromise to personal information?
To prevent further unauthorized access or harm
Test your knowledge on consumer rights and responsibilities, including the right to redress and the right to be treated fairly. Learn about consumer protection mechanisms and obligations. Explore how consumers can assert their rights in various situations.
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