Regulatory Alerts2025-07-01
Launch of the First Phase of the Complaint Management System
The Saudi Central Bank has issued a circular launching the first phase of its Complaint Management System, requiring all supervised financial institutions to fully resolve customer complaints within specified timeframes (five days for Level One, three days for Level Two) and achieve quarterly performance indicators. Institutions must allocate adequate resources, update internal policies, and implement technological escalation mechanisms to ensure rapid handling of customer issues. Regulatory enforcement actions against non-compliant institutions will commence in the fourth quarter of 2025, while repealing conflicting prior instructions.
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