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8.1.3 Complaint Management Process

C 8/2020 STA يسري تنفيذه من تاريخ 25/12/2020
  1. 8.1.3.1The Complaint Management Process and Staff training must take into consideration and apply the Licensed Financial Institution’s Code of Fair Treatment of Consumers.
  2. 8.1.3.2Licensed Financial Institutions must have an efficient, well-resourced and dedicated phone line for Consumer Complaints and offer services on their secure web based portal system for receiving and communicating with consumers on the Complaints process.
  3. 8.1.3.3Licensed Financial Institutions must have Senior Management approval of the Complaint management policies and procedures that:
    1. a.Establish the role, responsibilities and authorities of the Complaint Management function;
    2. b.Are clear, complete and accessible for retail Staff;
    3. c.Establish the Licensed Financial Institution’s Consumer Complaint process that is simplified and Consumer friendly;
    4. d.Address the confidentiality of Consumer Complaint information;
    5. e.Require proper record keeping of Consumer Complaints including secure retention for 5 years;
    6. f.Require ongoing training programs for retail management and Staff;
    7. g.Centralize the monitoring, oversight and supervision of the Complaint management in the Complaints Management function;
    8. h.Require reporting to Senior Management on the progress of Complaints and on noticeable trends; and
    9. i.Establish performance time frames for each step of the Complaint process including those prescribed by the Central Bank.
  4. 8.1.3.4Licensed Financial Institutions must set up effective procedures to monitor Complaints as specified in Section 8.2 of this Article and to make regular reports to their Senior Management for review (refer to Clause 8.1.1.4 g. and i). Information to be reported must include:
    1. a.Statistics on the volume and type of Complaints;
    2. b.An analysis on how well the internal Complaint management system meets prescribed performance standards;
    3. c.The results of any survey, root cause analysis and verifications conducted to gauge the level of Consumer satisfaction on Complaints handling; and
    4. d.Whether repetitive Consumer related problems are being effectively identified and corrected.
  5. 8.1.3.5Licensed Financial Institutions must take appropriate steps to handle anonymous Complaints. Any problems alleged by the complainant and substantiated by investigation must be rectified as soon as possible.
  6. 8.1.3.6Ensure that Complaints received are acknowledged as received within 2 complete business days and Consumers are advised of the Complaint process.
  7. 8.1.3.7Within 30 complete business days of receiving a Complaint, or such other time limit as may be prescribed by the Central Bank, Licensed Financial Institutions must send the complainant in Writing, its final response with detailed reasons.
  8. 8.1.3.8A final response from the Licensed Financial Institution must:
    1. a.Clearly accept or reject the validity of the Complaint in whole or in part (and where appropriate state offers of redress);
    2. b.Provide detailed reasons for the rejection except where the reason of rejection is related to obligations with respect to Financial Crime Compliance or as may be prohibited by law; and
    3. c.Inform Consumers of the process for escalation of unresolved Complaints to the Licensed Financial Institution’s Complaint Resolution Mechanism.
  9. 8.1.3.9Licensed Financial Institutions must have in place a verification process to monitor the fairness and adequacy of the Complaint management process and the decisions issued.