Regulatory Alerts2022-10-27
Regulation No. 56/2022 on Internal Complaints Handling for Financial Service Consumers
The National Bank of Rwanda issued Regulation No. 56/2022 to establish mandatory internal complaint handling standards for all licensed financial service providers and their representatives. The regulation mandates the implementation of detailed complaint policies, designated senior management oversight, a centralized monitoring system, and clear escalation pathways to an independent committee when initial resolutions fail. It further enforces compliance through administrative sanctions against providers and executives, while requiring transparent reporting, defined timelines, and regular policy reviews to ensure consumer satisfaction.
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