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8.2.1 Monitoring & Analysis of Data by Licensed Financial Institutions

C 8/2020 STA Effective from 25/12/2020
  1. 8.2.1.1Licensed Financial Institutions must carry out Complaint Data monitoring that includes information and related statistics on the following:
    1. a.Complaints received, closed and pending on a quarterly basis;
    2. b.Complaints substantiated;
    3. c.Complaints acknowledged outside target time;
    4. d.Complaints resolved and closed outside target time;
    5. e.Overdue Complaints;
    6. f.Complaints before the courts;
    7. g.Complaints referred to the Licensed Financial Institution’s Complaint Resolution Mechanism;
    8. h.Complainants who remain dissatisfied with the results of investigation of the Complaint;
    9. i.The nature and the value of redress provided;
    10. j.Suggestions from Consumers arising from Complaints; and
    11. k.Errors / omissions identified as either Systemic or non-systemic Errors.
  2. 8.2.1.2Details of all unresolved Complaints pending for each month must be reported to the Senior Management within 5 complete business days from the end of every month.
  3. 8.2.1.3Licensed Financial Institutions must undertake root cause analysis to identify the source of Complaint, e.g. Staff conduct issue, financial product issue, system issues, systematic issues etc. The Licensed Financial Institution must take corrective measures expeditiously and without delays.
  4. 8.2.1.4Complaints Data analysis must be augmented with thematic reviews, surveys and mystery shopping to develop a holistic understanding of Complaint trends.
  5. 8.2.1.5In addition to Complaints being monitored, the Consumer inquiries received should also be analyzed as this type of Data provides information on common issues which may indicate poor disclosure material, a misunderstood Financial Product and/or Service or other common issues that raise Consumer inquiries.
  6. 8.2.1.6The information gathered from the Data analysis, thematic reviews, mystery shopping or surveys must be utilized to improve the Licensed Financial Institution’s control framework and conduct.