36
COMPLAINT HANDLING IN CENTRAL BANK TOOLKIT
36
COMPLAINT HANDLING IN CENTRAL BANK TOOLKIT
The KPI is the number of days to respond to complaints,
% of solved complaints.
There is a centralized database for only internal
stakeholders at RBF. At this stage, a simple excel
spreadsheet is used for that. However, they are trialing
the usage of software program developed internally.
At this stage, it has reporting features but not specic
analytical functions. All analysis and interpretations
are done by Analysts. The database includes complaint
submission date, Unique tracking ID, Complaint type,
Consumer information, nancial service/product type,
FSP information, Complaint narrative, Complaint status,
Complaint outcome, Complaint related documentation.
Complaint’s data are collated, analyzed, and reported
on a quarterly basis within the Group then to Executive
Management and the RBF Board through information
papers. FSPs are required under the Policy to report this
to the RBF on a quarterly basis. However, there is no
requirement for them to report to the public. General
information and updates are aggregated by industry
and reported to Executive Management and the Board
through information papers and to stakeholders via
Forum Meetings. At times, the Bulletin is released to
the media for publication. The number of complaints
has decreased during the pandemic because most of the
complaints received were through traditional channels
i.e., walk-in complainants, and phone calls. The key
complaints are usually related to disclosure, high fees
and charges, fairness and improper explanation of
terms and conditions. The complaint handling process
identify the areas that need further investigation
through on-sites. Nature of complaints whether it
be process or personnel related, will be discussed
internally during the development of the inspection
plan to devise questions and inspection points. If issues
persist from a complaint handling standpoint, then
certain policy decisions need to be made whether a
review will be initiated. Should awareness be a constant
issue in resolving complaints, focus must then shift to
redoing/rening some of the educational projects that
were previously implemented.
Market conduct supervision and prudential supervision
are conducted by different groups. Market Conduct is
done by the development team which also administer
consumer educations and protection. Prudential
supervision is done by the supervision team who look at
a host of other things from a risk-perspective - Capital,
Credit, Governance, etc. There is however good
relationships and collaboration between the 2 Groups in
supervising FSPs.
with the response, then they have the opportunity of
escalating these issues to the Central Bank. The process
is the same for all complaints handling at the Central
Bank. One policy covers all nancial services provided
by licensed/supervised FIs. This includes all commercial
banks, credit institutions, insurers (including brokers,
agents), development bank, superannuation fund and
securities market players. Revision and streamlining to
consider nancial services offered by informal sector
i.e., moneylenders, MFIs, nancial cooperatives can be
considered. These are the factions where most of the
vulnerable are served.
The ultimate role of the Central Bank is in resolving
complaints, coordinating, and engaging stakeholders
to support complaint handling, using for prudential
supervision.
Complaints can be submitted via postal mail, Email,
social media (Facebook, Twitter, etc.), website. There
is a requirement in place to contact the competent FSP
before complaining to the RBF.
Financial System Development Group is responsible
for complaint handling at RBF. Email, phone query is
registered and assigned to an ofcer. Ofcer then liaises
with the complainant and the FSP to amicably resolve
the complaint.
They have an Excel spreadsheet database. Currently
developing an online program to efciently generate
reports, correspondence, and registrations. The RBF has
developed policy guidelines on complaints management
for:
> Banking Supervision Policy
> Capital Markets Supervision Policy
> Restricted Foreign Exchange Dealers and Money
Changers Supervision Policy
> Insurance Supervision Policy
Financial service complaints are dealt with at the
RBF. There is some collaboration however with other
agencies that deal with complaints like the Consumer
Council and the Commerce and Competition Commission
in discussing high level consumer issues.
The complaints are classied by industry (banking,
insurance, securities markets) and at times further
break down by types of services (consumer service,
fees & charges, contracts, and disclosure). There is no
specic form, however, when submitting a complaint,
one should include: identication, contact details, FSP,
nature of complaint.