5.1 Licensed Financial Institutions must have in place a fair, accessible and transparent process provided without charge for addressing Customer Complaints, with a view to resolving Complaints in a timely manner.
5.2 A Licensed Financial Institution must establish an independent Complaints management function in the organization that directly reports to the Senior Management. The function must be empowered to effectively resolve Complaints independently of other business operations.
5.3 Licensed Financial Institutions must have an efficient and effective Complaint management system with supporting policies and procedures. The system must enable Customers to make Complaints easily and free of cost.
5.4 Licensed Financial Institutions must take the necessary steps to ensure that Customers are made aware of their rights and responsibilities when seeking to resolve their Complaints.
5.5 A Licensed Financial Institution is responsible for accepting and investigating all Complaints involving the activities of Authorised Agents towards Customers as well as any product and/or service sold, marketed or advertised by the Authorised Agent on behalf of the Licensed Financial Institution.
5.6 Licensed Financial Institutions must train their Staff and Authorized Agents in handling of Complaints.
5.7 Customers must be informed of the Licensed Financial Institution’s process for the management of SME Complaints as well as recourse to a Complaint resolution mechanism to ensure fairness, transparency and neutrality in resolving Complaints.
5.8 Licensed Financial Institutions must utilize the data collected to conduct analysis and assess key risks and trends based on collected data. The results of the analysis must be used by the Licensed Financial Institution for conducting investigations into thematic trends, conducting root cause analysis of repeat issues and for designing new controls to address issues and improving quality and efficiency of various aspects of Customer service.
5.9 The SME Complaints Data must be provided on a quarterly basis to the Senior Management of the Licensed Financial Institution to enable managerial level monitoring of trends and supportive decision-making and document any decisions or actions taken.
5.10 Licensed Financial Institutions must participate in, fully co-operate with and inform customers of, any external financial Complaints resolution function (e.g. ombudsman) as established by the appropriate authorities or industry bodies.