AMBD issues notices on market conduct, complaints handling

Autoriti Monetari Brunei Darussalam (AMBD) issued Notice No FCI/N2/2021/1: Notice on Market Conduct, which will take effect on July 1. This notice supersedes Notice No FCIU/N2/2017/1.

The notice enhances the requirements of financial institutions in ensuring disclosure and transparency of information and fair treatment of financial customers. With this notice, banks and financial institutions are also required to ensure proper and adequate training for their front-line staff. The notice encompasses protection for financial customers relating to digital financial products and services, including protection of customer data and information

The notice is part of AMBD’s continuous effort to strengthen financial customer protection by promoting better understanding of the products and services offered by banks and financial institutions in the country. This will help customers make informed financial decisions and in turn, increase their trust and confidence in dealing with banks and financial institutions

AMBD also issued Notice No FCI/NI/2021/1: Notice for the Establishment of a Complaints Handling Function within Financial Institutions, effective July 1. This notice supersedes Notice No FCIU/N1/2017/1- Amendment No 1.

The notice is issued as part of AMBD’s continuous effort to strengthen financial consumer protection, taking into account current developments in financial products and services. With this notice, banks and financial institutions are required to further improve their existing redress mechanism to address financial consumer complaints effectively.

The notice will provide greater clarity on the requirements of financial institutions in providing customers with the means to resolving complaints on financial transactions, and/or the banks and financial institutions practices and services. This includes enhancements to their complaints handling policies and procedures, record keeping and reporting.

Greater emphasis is made for banks’ and financial institutions staff to be competent, and for complaints received to be used as feedback for improving banks’ and financial institutions’ quality of products, services and operations.

For information, the public can contact AMBD at 2388388, or e-mail [email protected] gov.bn.