List of Financial Regulators, How and When to Approach Them?
Financial regulators that you should know about! They save your money, time and life!
This table was made for the InvestLetter issue released on 3rd May 2023 for the topic:
An Islamic bank tried screwing me, I went to Banking Mohtasib
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List of Financial Regulators and When to Approach Them?
There are two or more parallel structures to approach financial regulators in Pakistan
- The direct regulators like SBP for banking issues and
- Federal Ombudsmen
For example, for banking issues, you can approach both SBP and Banking Mohtasib.
For insurance-related issues, you can both go to Insurance Mohtasib and SECP.
Before approaching them from the links and emails given below remember:
- Every financial institution is regulated but they are your last stop.
- Every regulator first wants you to file a complaint with the institution to see if they can resolve the issue independently.
- You have to give them appropriate time to handle the issue. Only some people want to cheat customers. There can be genuine mistakes.
Here is the list of Financial regulators, the method to approach them and when to approach them in a table:
Financial Institutions | Regulators | How to approach them? | When to approach them? | Procedure |
Commercial Banks, Islamic Banks, Microfinance Banks | Banking Mohtasib OR ⬇️ | Online. Link | If you think banks are doing something they shouldn’t. However, this doesn't apply to fees and charges they have already disclosed. | |
ㅤ | SBP | Phone: 021-111 727 273 and Email: [email protected] | Same | |
Life and General Insurance Companies | Insurance Mohtasib OR ⬇️ | Online Link | Miss-selling, Non payment of claim money, policy exclusion, | ㅤ |
ㅤ | SECP | Online: Link | Same as above | |
Mutual Funds or Pension Funds | SECP | Online. Link | Miss-selling or any technical issue | |
Stock Brokers | PSX OR ⬇️ | Email: [email protected] | Execution, funds and technical issues | ㅤ |
ㅤ | SECP | Online: Link | Same | |
Any Listed Company | SECP | Online: Link | Shareholder issues (like dividends, payouts), financial complaints etc | |
ㅤ | PSX | Email: [email protected] | Same | ㅤ |
Keep the table from the link handy! Read the procedure before approaching them but, approach them with confidence if a financial institution is screening you!