Regulatory Alerts2020-12-13
Updating Financial Institution KPIs
The Saudi Central Bank (SAMA) issued Circular No. 42027544 to update the KPIs governing financial institutions' complaint resolution quality under the SAMACares system. The circular amends the titles of the second and fourth KPIs to "Financial Institutions' Response Quality Ratio to SAMA" and "Ratio of Complaints Processed and Closed for Customer Benefit After Escalation," respectively, while establishing specific quarterly targets ranging from 70% to 97%. Effective Q1 2021, SAMA will conduct quarterly performance monitoring and enforce regulatory measures against non-compliant banks, financing companies, insurance firms, and payment providers.
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