The financial industry has received approximately 2.3 million complaints over the past five years, with 98% related to the banking sector and the remainder concerning insurance and takaful services.
Bank Negara Malaysia (BNM) deputy governor, Datuk Jessica Chew Cheng Lian, noted that the number of complaints in recent years has risen by an average of 65% compared to 2020. This increase reflects the growing complexities of financial services, alongside heightened consumer awareness and expectations.
She highlighted a contrasting trend, however, with complaints lodged through BNM Link decreasing by 37% during the same period. This decline indicates that improvements in complaints-handling mechanisms provided directly by financial service providers are having a positive effect, ensuring consumers receive the necessary support without needing to escalate their concerns to BNM.
“We expect this figure to decline further as we implement higher standards of fair treatment for financial service providers, particularly in their management of customer complaints,” she stated during her speech at the launch of the Financial Market Ombudsman Service (FMOS) today.
The deputy governor also pointed to evidence of enhanced customer loyalty and satisfaction, supported by findings from a recent nationwide customer satisfaction survey commissioned by the banking and insurance industry. These improvements, she suggested, are indicative of the positive impact of reforms in the financial services sector.
(Source: Bernama)
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