Source: Consumer protection gets more teeth -Newsday Zimbabwe
THE Consumer Protection Commission (CPC) has signed a memorandum of understanding (MoU) with the Securities Exchange Commission of Zimbabwe (SecZim) which is expected to enhance consumer protection in the financial services sector.
Speaking during a signing ceremony last week, CPC chief executive officer Zororo Muranda said the MoU would enhance consumer protection in the financial services sector.
He said the MoU between CPC and SecZim was meant to enhance consumer protection in the financial services sector.
“As the CPC, our mandate is to protect consumers of goods and services and financial services are one of the most important areas in any economy and this is one of the reasons why we paid a lot of attention to the Securities Exchange Commission,” he said.
“As you know, the Securities Exchange Commission deals with shares, deals with securities of different forms, which actually moves a lot of funds in and outside the country.”
The MoU outlines a framework designed to protect consumer rights in financial markets, ensuring that consumers are informed and treated fairly.
It aims to facilitate communication regarding consumer complaints and financial products, enhance regulatory oversight and educate consumers about their rights and responsibilities in engaging with financial services.
Muranda said SecZim played a vital role in regulating Zimbabwe’s capital markets, ensuring transparency, accountability and investor protection.
He said CPC’s mandate encompassed all sectors to ensure consumers receive fair treatment and accurate, clear information and similarly it makes sure that investors on the securities market are “treated fairly and provided with truthful, clear and adequate information”.
SecZim acting chief executive Grace Berejena said the commission, guided by its mandate to protect investors, saw great value in the collaboration.
“This partnership is about proactively addressing potential violations of consumer rights within our capital markets. By collaborating with CPC, we aim to combat any such issues that may arise in the future,” she said.
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