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COMPLAINT HANDLING IN CENTRAL BANK TOOLKIT
authorities will significantly support effective policy action in consumer protection, market conduct, financial education and inclusion.6
The principles outlined in the Framework can be further elaborated and presented as follows:
2.2. PRINCIPLES
Maintaining a consumer-centric focus is not always straightforward, particularly during IDR and EDR processes which lack a specific institution responsible for consumer protection and market behavior. FSPs and central banks should adopt a consumer-centric mindset to ensure effective processes and appropriate priorities. Although this may require greater effort, compromise and communication skills, it will always pay off in terms of increased consumer trust and confidence.
Authorities should ensure that the complaint handling mechanisms are accessible, affordable, independent, fair, accountable, timely and efficient. These mechanisms should not require additional costs, inconvenience, burden or delay. Instead, they should ensure that consumers can efficiently exercise their rights to make a complaint. This is important both for the IDR and the EDR mechanisms. Specially tailored channels might be also needed for specific groups (remotely located, illiterate, disabled consumers). This will help ensure the model employed is approachable and effective on addressing issues (language barriers).7 Effective complaint handling techniques require more than just an expertise in complaint management. In designing effective complaint handling mechanisms, it is important to divide the complaint handling process into three directions: facilitating complaints, responding to complaints and accountability.
1. CONSUMER FOCUS
2. VISIBILITY There should not be consumers who do not know where and how to file a financial complaint. Information about how and where to complain must be well-publicized to consumers, staff and other interested parties. Consumers should also have a clear understanding of complaint handling process, requirements related to the processing of complaint (number of days) and possible outcomes.
FIGURE 1: COMPLAINT MANAGEMENT
FACILITATING COMPLAINTS
RESPONDING TO COMPLAINTS
6 Center for Financial Inclusion by Accion. 2019. Handbook on Consumer Protection for Inclusive Finance. 7 OECD. 2011. G20 High-Level Principles on Financial Consumer Protection.
ACCOUNTABILITY
