CBSI announced the approval of Prudential Guideline No. 9: Complaints Management, yesterday.
It said following a 45-day implementation period, the new guideline will come into effect as of 3rd October 2014.
“Measures in the new guideline apply to all the commercial banks and the Credit Corporation (SI) Ltd and to all customers of these financial institutions,” CBSI said in a statement.
“The objective of this guideline is to provide financial institutions with a minimum framework for complaints management that will ensure that customer complaints are promptly investigated and resolved in a satisfactory manner.
“Prudential Guideline No. 9 outlines a clear complaints management process for customers and financial institutions.
“For instance, financial institutions must issue a receipt of acknowledgement to the customer in writing or electronically within seven calendar days of lodging the complaint.
“The reference number will enable the customer and the financial institution to track any complaint more effectively,” the statement said.
Furthermore, Prudential Guideline No. 9 also stipulates that all complaints not requiring legal proceedings should be resolved and communicated to customer within 30 calendar days.
“In addition, financial institutions will now be obliged to report to CBSI every quarter on the nature and number of complaints that occurred and remain outstanding, to allow for monitoring and evaluation by the regulator.
“It is anticipated that increased transparency in complaints management will foster financial sector stability by reducing losses incurred by customers and financial institutions, protecting the reputation of financial institutions, and maintaining public confidence in the financial system,” the statement said.