Bank Negara Malaysia has issued a Policy Document on Complaints Handling that strengthens regulatory requirements for financial service providers’ complaints handling mechanisms, with the aim of keeping them relevant, accessible and timely. The updated requirements are framed as a response to the rapid digitalisation of financial service providers’ business practices, the increasing complexity of financial products and services, and rising expectations from financial consumers for firms to be responsive, fair and effective when handling complaints. A feedback statement on the exposure draft has also been published alongside the final policy document.
Bank Negara Malaysia 2025-03-28
Bank Negara Malaysia issues enhanced complaints handling requirements for financial service providers
Bank Negara Malaysia released a Policy Document on Complaints Handling, enhancing regulatory requirements for financial service providers to ensure mechanisms are relevant, accessible, and timely. The updates address the digitalisation of business practices, complexity of financial products, and consumer expectations for responsive and fair complaint handling. A feedback statement on the exposure draft accompanies the final policy document.