KUALA LUMPUR (Jan 17): The financial industry received around 2.3 million complaints over the past five years, 98% of which were related to the banking sector, and the rest insurance and takaful-related.
Bank Negara Malaysia's (BNM) deputy governor Datuk Jessica Chew Cheng Lian said the number of complaints in recent years was 65% higher on average compared to 2020, reflecting the rising complexities of financial services, and higher levels of consumer awareness and expectations.
“Conversely, complaints lodged with BNM link saw a 37% reduction over the same period. This suggests that ongoing improvements in complaints channels provided by financial service providers themselves are having a positive impact in ensuring that consumers get the help they need, resulting in fewer complaints being escalated to BNM link.
“We expect this number to come down further in line with higher standards of fair treatment that we are setting for financial service providers, including on the management of customer complaints,” she said in a speech at the launch of the Financial Markets Ombudsman Service (FMOS) here on Friday.
The central bank's deputy governor said evidence supporting the lower number of complaints could also be observed from marked improvements in customer loyalty and overall customer satisfaction, as presented in the latest nationwide customer satisfaction survey commissioned by the banking and insurance industry.
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