Regulatory Alerts2014-09-30
Added
Handling public complaints
The Banking Supervision requires banking corporations and credit card companies to establish a designated function for handling public complaints led by a Public Complaints Ombudsman who holds no other position. The Ombudsman must have sufficient status, resources, and authority to handle complaints fairly and efficiently, provide reasoned responses, and award remedies, while submitting periodic reports to management, the Board, and the Banking Supervision. As of the effective date, submitting a complaint to the banking corporation is a pre-condition for appealing to the Banking Supervision, with exceptions if no response is received within 45 days or in extenuating cases. This Directive comes into force no later than April 1, 2015, cancelling the Supervisor of Banks’ Letter from November 21, 2001.
More like this from BOI
We email you every new BOI publication the day it's published.