Regulatory Alerts2012-04-30
Establishment of the Bilateral Complaint Handling Process (BCHP)
Saudi Arabian Monetary Authority establishes the Bilateral Complaint Handling Process to enable Saudi banks to submit compensation-related complaints directly to its Banking Supervision Department. The framework mandates that SAMA communicates final outcomes to the filing institutions while safeguarding confidential information submitted by participating firms. All complaints must be directed to the department’s Director and align with the Financial Stability Board’s public reporting standards on compensation practices.
�aubi �rabian ;fNonetarp �gencp Banking Supervision Dept. process is concluded, the outcome of the complaint will be communicated by SAMA to the Saudi bank that has filed the complaint. More information on the objectives of the BCHP and its main features, including on the treatment of confidential information submitted by the firms, as well as on public reporting by the FSB on compensation practices can be found on the FSB's website (http://www.financialstabilityboard.org/activities/compensation/). The BCHP complaints should be addressed to the Director of our Banking Supervision Department. '). c))) Encl: As above Abdulrahman Al-Hamidy Vice Governor Page 3 of 4 P. 0. Box 2992 - Riyadh 11169, Saudi Arabia - Tel.: 0 1-463 3000 - Telex 404390 SJ - Fax O 1-466 2119