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5.2.2 General Provisions for Fair Treatment of Consumers

C 8/2020 STA Effective from 25/12/2020
  1. 5.2.2.1The Board of Licensed Financial Institutions, must establish a control framework that articulates and demonstrates clearly its values and culture with respect to treating the Consumer fairly and address such matters as:
    1. a.Good ethics, values and transparency in promoting and selling Financial Products and/or Services to Consumers;
    2. b.Positive Consumers relations, Complaint management and Complaint resolution;
    3. c.Assisting People of Determination;
    4. d.Equal, Fair treatment of all Consumers;
    5. e.Confidentiality and safeguarding of Consumers’ information and assets;
    6. f.Addressing conflicts of interest;
    7. g.Service performance standards that provide timely delivery of Financial Products and/or Services; and
    8. h.Identifying and addressing Errors or omissions including systemic and administrative Errors/omissions expeditiously.
  2. 5.2.2.2Licensed Financial Institutions must ensure Staff are provided with a copy of the Licensed Financial Institution’s Code of Fair Treatment of Consumers that summarizes the Licensed Financial Institution’s policy and procedures. Staff must be trained on the Code. Each year, Senior Management must send a reminder to all Staff of their responsibility to comply with the Code.
  3. 5.2.2.3The Code of Fair Treatment of Consumer should be a basis for evaluating the annual performance of Staff.
  4. 5.2.2.4Licensed Financial Institutions must monitor the performance of Staff regarding the fair treatment of Consumers by undertaking periodic mystery shopping, review of Consumer Complaints and annual Consumer satisfaction surveys.