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Increase in complaints referred to RBF for mediation

05:47 Wed Nov 15, 2017


Taken from/By: FBC News
Report by: Ritika Pratap

Thirty-seven complaints against financial institutions were referred to the Reserve Bank for mediation and resolution in the September.

This is an increase from twenty-two complaints in the previous quarter and twenty-three compared to the same period last year.

The complaints relate to Banks and Credit Institutions, FNPF, Insurance Companies and Authorized Exchange Dealers.

In 2010, the RBF issued its Supervision Policy on Complaints Management to Licensed Financial Institutions.

The Policy requires them to implement a Complaints Management Framework that will effectively and efficiently resolve customer complaints.

The Policy also enables customers dissatisfied with the outcome of their complaint to refer it to RBF for mediation and resolution.

The RBF says twenty-seven complaints were resolved and ten are currently with the LFIs for investigation.



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