BNM/RH/GL 000-4 - AmAssurance

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BNM/RH/GL 000-4Consumer and MarketConduct DepartmentComplaints Handling Page 1/7PART I:1. OverviewINTRODUCTION1.1 Fair and efficient complaint handling plays a key role in consumer protection, andis an integral part of any consumer dispute resolution and redress mechanism.The efficient and effective handling of customer complaints at an early stage arebeneficial to both the financial service provider (FSP) and customer. It avoidsunnecessary negative customer experience and reduces the need for regulatoryintervention or recourse to external dispute mechanisms that may be costly andtime-consuming. A fair, effective and transparent internal mechanism to addressand respond to customer complaints can also enhance customer satisfaction andretention.1.2 With the issuance of the Guidelines, the previous circulars relating to complaintshandling as stated in Part III are hereby withdrawn.2. ApplicabilityThe Guidelines is applicable to the following FSPs:• Banking institutions licensed under the Banking and Financial Institutions Act1989;• Islamic banking and international Islamic banking institutions licensed underthe Islamic Banking Act 1983;• Direct insurers licensed under the Insurance Act 1996;• Takaful operators and international takaful operators registered under theTakaful Act 1984;• Development financial institutions prescribed under the DevelopmentFinancial Institutions Act 2002; and• Designated payment instrument issuers approved under the PaymentSystems Act 2003.3. Effective DateThe effective date of the Guidelines is 1 February 2010.
BNM/RH/GL 000-4Consumer and MarketConduct DepartmentComplaints Handling Page 2/7PART II:POLICY REQUIREMENT AND BEST PRACTICES4. Complaints Handling4.1 The system, structure and procedures for handling complaints is dependent oneach FSP’s circumstances, resources and business strategy. However, there arecertain good principles common to all FSPs. Good complaints handling should beled by senior management, focused on outcomes, fair and proportionate, andsensitive to customers’ needs. The process should be clear and straightforward,easily understood and readily accessible by customers. It should be wellmanaged thoroughout so that decisions are taken quickly, things are put rightwhere necessary, and lessons learnt are operationalised for serviceimprovement. In this regard, the Guidelines sets out both the mandatoryrequirements, and best practices which FSPs are encouraged to adopt to furtherimprove service standards.4.1.1 Mandatory requirement - Complaints Handling UnitA FSP must establish a centralised platform for lodging a complaint and toassist customer in pursuit of redress or resolution of a complaint.• A FSP must establish a dedicated single point of contact such as acomplaint or customer service unit (hereinafter referred to as thecomplaints unit) for referring customer complaints, either in person or inwriting, via the telephone, fax or e-mail.• There must also be dedicated officers responsible for handlingcomplaints.• The organizational structure of any internal complaints handlingmechanism may be based on the needs and size of each FSP butmust be able to meet at least all the mandatory requirements in theGuidelines.Best Practices• Staff handling complaints are equipped and empowered to actdecisively to resolve complaints, i.e. supported by clear lines ofauthority and decision making that are flexible enough to handlecomplaints effectively and authoritatively.
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BNM/RH/GL 000-4 - AmAssurance

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