Would it not be righteous if the bank or financial institution on its own initiates actions to undo the wrong inflicted on customers, some of whom may have not even complained? Imagine the impact such an approach would have on the faith and confidence consumers have on the financial system. 22.
Another important aspect is the existence of a robust, responsive and reliable grievances redress mechanism in the banking / financial services industry, something I have alluded to earlier. The credibility of the banks’ redressal systems needs to be reinforced by constant follow up by the regulator.