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  • C4-3.4 C4-3.4 Customer Complaints Procedures

    • C4-3.4.1

      Category 4 investment firms must have adequate customer complaints handling procedures and systems for effective handling of complaints made by customers. The procedures must be documented appropriately, and the customers must be informed of their availability.

      Added: January 2022

    • C4-3.4.2

      Category 4 investment firms should assign the responsibility to handle customer complaints and be the contact point for the customers to a senior level employee and publicise his/her contact details. The position may be outsourced to a third-party with the CBB’s prior approval.

      Added: January 2022

    • C4-3.4.3

      For the purposes of Paragraph C4-3.4.1, customer complaints handling procedures must include the following:

      (a) The procedures and policies for:
      (i) Receiving and acknowledging complaints;
      (ii) Investigating complaints;
      (iii) Responding to complaints within appropriate time limits;
      (iv) Recording information about complaints;
      (v) Identifying recurring system failure issues.
      (b) The types of remedies available for resolving complaints; and
      (c) The periodic reporting of customer complaints and concerns to the Board and senior management.
      Added: January 2022

    • Visibility and Accessibility

      • C4-3.4.4

        “How and where to complain” must be well publicised to customers and other interested parties, in both English and Arabic languages. The complaints handling process must be easily accessible to all customers and must be free of charge.

        Added: January 2022

    • Responsiveness

      • C4-3.4.5

        Category 4 investment firms must promptly acknowledge a customer complaint and in no case, later than within 5 working days of receipt. Licensees must also promptly respond to a customer complaint in accordance with their urgency, and in no case, later than 4 calendar weeks of receiving the complaint, explaining their position and how they propose to deal with the complaint, including any redress. Until the complaint is resolved, the customers must be kept informed of the progress of their complaint.

        Added: January 2022

      • C4-3.4.6

        If a customer is not satisfied with a category 4 investment firm’s response or redress options, the licensee must advise the customer on how to take the complaint further within the organisation, including, the option to refer the matter to the Consumer Protection Unit at the CBB.

        Added: January 2022

    • Objectivity

      • C4-3.4.7

        Complaints must be addressed in an equitable, objective, unbiased and efficient manner. The following measures must be implemented in this respect:

        (a) Impartiality:
        i. Measures must be taken to protect the person the complaint is made against from bias;
        ii. The investigation must be carried out by a person independent of the person complained about.
        (b) Confidentiality:
        i. Ensure confidentiality for staff who have a complaint made against them and the details must only be known to those directly concerned;
        ii. Customer information must be protected and not disclosed, unless the customer consents otherwise; and
        iii. Protect the customer and customer’s identity as far as is reasonable to avoid deterring complaints due to fear of inconvenience or discrimination.
        Added: January 2022

    • Records of Complaints

      • C4-3.4.8

        Category 4 investment firms must maintain a record of all customers’ complaints. The record of each complaint must include:

        (a) The identity of the complainant;
        (b) The substance of the complaint;
        (c) The status of the complaint, including whether resolved or not, and whether redress was provided; and
        (d) All correspondence in relation to the complaint.

        Such records must be retained by the licensee for a period of 5 years from the date of receipt of the complaint.

        Added: January 2022

    • Reporting of Complaints

      • C4-3.4.9

        Category 4 investment firms must electronically submit to the CBB’s Consumer Protection Unit at complaint@cbb.gov.bh, a quarterly report summarising the following:

        (a) The number of complaints received;
        (b) The substance of the complaints;
        (c) The number of days it took the licensee to acknowledge and to respond to the complaints; and
        (d) The status of the complaint, including whether resolved or not, and whether redress was provided.
        Added: January 2022

      • C4-3.4.10

        Where no complaints have been received by the licensee within the quarter, a ‘nil’ report should be submitted to the CBB’s Consumer Protection Unit.

        Added: January 2022