Regulatory Alerts2018-11-05
Added · Updated
Circular on Submission of Internal Procedures for Handling Customer Complaints
The Central Bank of Jordan requires all supervised financial and banking service providers to submit their approved internal policies for handling customer complaints. This directive enforces Instruction No. (2017/1) and mandates submission by December 31, 2018. Failure to comply subjects institutions to penalties under Central Bank of Jordan Law No. (23) of 1971.
In the name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 14308 / 1 / 27 Date: 27 / 7 / 1440 AH Corresponding to: 5 / 11 / 2018 AD
Circular to all financial institutions subject to the supervision and oversight of the Central Bank of Jordan
Greetings,
With reference to the Internal Procedures for Handling Complaints from Customers of Financial and Banking Service Providers Instruction No. (2017/1) dated 2017/8/28, which mandated that financial and banking service providers establish a policy for handling their customers' complaints, enabling them to conduct their business with responsible professional behavior to achieve the best interest of customers at all stages of their interaction with them, and that this policy be reviewed annually or whenever necessary, and a copy thereof along with any amendments be provided to the Central Bank.
Therefore, in light of your failure to provide us with this policy, please instruct the relevant parties to submit the approved policy regarding the handling of customer complaints, in compliance with the provisions of the aforementioned instructions, no later than 2018/12/31, under the threat of applying any of the penalties or measures stipulated under the provisions of the Central Bank of Jordan Law No. (23) of 1971 and its amendments and/or any laws and legislation issued by the Central Bank regulating the activities of financial and banking service providers.
Please accept our highest respect,
[Signature] Governor Dr. Ziad Frieze