Regulatory Alerts2026-01-01
Consultation Paper on Minimum Operating Standards for the Resolution of Customer Complaints – Deposit-Taking Institutions (April 2026)
The Bank of Jamaica and the Financial Services Commission issued consultation paper proposing Minimum Operating Standards for Deposit-Taking Institutions to enhance customer complaint resolution. The document mandates robust governance structures, including Board oversight, dedicated complaint handling units, and digital tracking systems to ensure fair, transparent, and timely dispute resolution. It further requires standardized documentation, staff competence, and regular reporting of complaint data to support regulatory oversight and continuous institutional improvement.
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