KUALA LUMPUR, Nov 13 — If you’ve ever lost a credit card or had a disputed bank charge, you know how frustrating it can be trying to get it resolved. Often, the headache doesn’t end with the problem itself,  it continues when you don’t know where to complain, or when updates on your case are hard to come by.

To make life easier for consumers, Bank Negara Malaysia (BNM) is tightening the rules for how banks and other financial service providers (FSPs) handle complaints. 

The move aims to ensure complaints are resolved clearly, quickly, and fairly – whether online or in person.

“Previously we had issued a complaints handling guideline way back in 2009, so over the years significant changes have taken place particularly in the way FSPs do their businesses.

“At the same time consumers’ expectations have also grown significantly, today’s consumers expect FSPs to be more responsive, fair and effective in responding to complaints,” a BNM spokesman said during a recent media workshop on Fostering Fairer Conduct among Financial Service Providers.

The spokesman – speaking under the Chatham House Rule, which means the information can be reported but not attributed to any individual – said the changes were necessary because many consumers still struggle to find the right channels to raise their concerns. 

Some turn to social media to voice frustrations, which could harm a company’s reputation.

Under the new rules, FSPs must acknowledge complaints within the next day, and inform customers of their decision within five working days (WD) for simple cases and no later than 20 WDs for complex cases.

In special circumstances, FSPs may get an extra 10 WDs if they need documents from third parties, such as medical, forensic, or police reports. 

If third-party documents can’t be obtained within 30 WDs, a final decision or alternative resolution must be issued within 60 WDs of receiving the complaint.

Accessibility is also a key focus.