KUALA LUMPUR (March 28): Bank Negara Malaysia (BNM) on Friday released the finalised policy document on complaints handling by financial services firms, including banks, insurers and payment system operators.

Financial services firms must acknowledge complaints filed within the next day and inform customers of their decision within five days for simple cases and no later than 20 days for complex cases, the policy document stated. The policy will be effective on April 1, 2026.

“Financial service providers (FSPs) have an obligation to address consumer complaints promptly and effectively,” BNM said. “Effective handling of complaints promotes trust and consumer loyalty and can enhance FSPs’ reputation as responsible institution.”

The policy document follows an exposure draft issued in October 2024 for public consultations. The central bank has since received feedback from 188 respondents that also includes electronic money issuers, financial advisers, insurance brokers, digital banks and investment banks.

The requirement comes at a time of rapid digitalisation, increasingly complex products and heightened consumer expectations.

Among others, a financial services firm will be required to “prominently” publish key information on its complaints handling access points and procedures at its premises, such as at the front counters and website, according to the policy document.

The policy spells out that a “Contact Us” tab must be displayed at the top of the homepage of their website that directs financial consumers within one click to a dedicated customer service page. The page must include the key information required for consumers to lodge a complaint.