Regulatory Alerts2024-05-08 | CBE15.2Added · Updated
CBE Regulation Book 15.2 - Instructions Regulating The Mechanism For Dealing With Complaints In Banks
The Central Bank of Egypt establishes minimum requirements for banks to implement fair, clear, effective, and independent complaint handling mechanisms, including the establishment of Customer Rights Protection Units. Banks are mandated to provide free complaint reception channels, respond to complaints within 15 working days, and maintain a centralized database of all complaints and related data for at least five years. The regulation defines specific timelines for acknowledgment, resolution, and escalation, requires quarterly internal reporting to the Board of Directors, and mandates the submission of quarterly external reports to the Central Bank's Customer Rights and Competition Sector. A six-month compliance period is granted from the date of issuance.
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