In many countries, the recent surge in inflation has been coupled with a dramatic slowing in real economic growth, rekindling memories of the 1970s and concerns over stagflation – the uncomfortable combination of high inflation and slow or negative growth.
The amendments to the Banking Act 2004 in December 2012 laid down specific provisions in relation to the protection of customers of financial institutions. The Guideline on Complaints Handling Procedures was issued in August 2013. It requires all banks to appoint a complaints officer to deal with complaints and grievances from their customers.