Complaints Handling Policy Document

Financial service providers (FSPs) have an obligation to address consumer complaints promptly and effectively. Effective handling of complaints promotes trust and consumer loyalty and can enhance FSPs’ reputation as responsible institutions. Regular review and assessment of complaints received also provide valuable insights on enhancements needed to the design of FSPs’ products, services and delivery channels. The focus on continuous improvement in this context enhances consumer satisfaction and retention, ultimately enhancing FSPs’ market competitiveness.

In addressing the evolving landscape of financial services, characterised by rapid digitalisation, increasingly complex products and heightened consumer expectations, FSPs must establish robust complaints handling procedures that align with their business strategies, organisational structure and consumer base. These procedures must be aimed at enhancing the FSP’s ability to respond to the evolving needs of its diverse consumers by adhering to principles of accessibility, fairness, transparency and timeliness.

This Policy Document aims to –
(a) require FSPs to establish fair, effective and transparent complaints handling mechanisms that are responsive to the diverse needs of their financial consumers; and
(b) promote a culture of accountability by the FSPs and their staff to ensure fair treatment of financial consumers through the provision of effective complaints handling services.

This document belongs to Bank Negara Malaysia (BNM). Full access to the original source is available here: https://www.bnm.gov.my/banking-islamic-banking