Regulatory Alerts2008-09-01
Added · Updated
Client Complaints Handling by Banking Institutions
Bank of Namibia Circular BIA 1/08 establishes minimum standards for client complaint handling by all banking institutions, requiring fair and reasonable dealings, plain language information disclosure, and prompt error correction. Institutions must prominently announce the availability of internal and external dispute resolution processes at branches, internet sites, and telephone services. Additionally, banking institutions are mandated to submit quarterly reports to the Bank detailing the number of disputes logged, handled, resolved, and sanctioned.
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