The Reserve Bank provides special induction of all LAB members so that they can fully appreciate and understand their important role in the economy. Another key development implemented last year was the setup of Customer Complaints Processes in place of a Financial Services Commission and Banking Ombudsman.
As outlined in the Complaints Management Guideline of the Reserve Bank, this process ensures that customer complaints received by financial institutions are addressed efficiently and effectively, bringing confidence to the customer. I urge institutions to ensure that a proper policy framework for complaints management is put in place, to guide staff on proper handling of customer complaints.