Regulatory Alerts2015-10-07
Handling of Public Complaints
The Supervisor of Banks issued this directive requiring all banking corporations to establish a dedicated public complaints function led by an independent Ombudsman. The regulation mandates specific corporate governance structures, including Board approval of complaint handling policies and senior management's direct responsibility for resources and procedures. It further imposes strict operational requirements such as a 45-day maximum response timeframe, mandatory reporting to regulators, and public disclosure of complaint data and service covenants.
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