The Central Bank of Solomon Islands (CBSI) announced its Board has approved the Prudential Guideline No. 9: Complaints Management on 13th August 2014.
A Media statement from the CBSI states, the guideline will come into effect early October after a 45 days implementation period.
It adds, the new guideline will be applicable to all commercial banks and the Credit Corporation Limited.
The guideline is to provide financial institutions with a minimum framework for complaints management that will ensure customer complaints are promptly investigated and resolved in a satisfactory manner.
Prudential Guideline No. 9 outlines a clear complaints management process for customers and financial institutions including financial institutions must issue a receipt of acknowledgement to the customer in writing or electronically within seven calendar days of lodging the complaint.
It is anticipated that increased transparency in complaints management will foster financial sector stability by reducing losses incurred by customers and financial institutions, protecting the reputation of financial institutions, and maintaining public confidence in the financial system.