BOT clamps down on banks over non-banking services
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The Bank of Thailand will issue a new directive to prohibit commercial banks from forcing customers to buy non-banking services, such as life insurance, BOT assistant Governor Ronnadol Numnonda said.
He said the new directive would be issued based on Article 39 of the Financial Institutions Act 2018.
The new directive aims ensure that commercial banks strictly adhere to the market code of conduct.
Ronnadol said the directive came after the central bank received 1,588 complaints against commercial banks by customers who said they were forced to buy insurance or other non-banking services.
