What is the maximum time for resolving complex complaints under new BNM rules?

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Maximum Time for Resolving Complex Complaints Under New BNM Rules

Financial service providers (FSPs) will have a maximum of 20 working days to resolve complex complaints under new regulations set by Bank Negara Malaysia (BNM). These updated rules are designed to ensure a more efficient and transparent process for consumers lodging grievances.
Initial Complaint Acknowledgment and Simple Case Resolution

Under the forthcoming regulations, FSPs are mandated to acknowledge customer complaints within one day of receipt. For straightforward cases, a decision must be communicated to the customer within five working days. This swift acknowledgment and initial resolution timeframe aims to address common consumer frustrations regarding slow response times.
Handling of Complex Cases and Third-Party Documentation

Complex complaints, which may require more in-depth investigation, have a resolution timeframe of no later than 20 working days. In instances where FSPs require documentation from third parties, such as medical or police reports, they may be granted an additional 10 working days, extending the potential resolution period.
Extended Timelines for Document Acquisition and Final Decisions

If the necessary third-party documents cannot be obtained within 30 working days, FSPs must issue a final decision or an alternative resolution within 60 working days from the initial complaint date. This provision allows for extended periods when external factors impede the investigation, while still setting a firm deadline for a conclusive outcome.
Implementation Timeline for New Regulations

These enhanced complaint handling rules are scheduled to come into effect on April 1, 2026. This implementation date provides FSPs with a significant lead time to adapt their internal processes and systems to comply with the new requirements, ensuring a smoother transition for both institutions and consumers.

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What is the maximum time for resolving complex complaints under new BNM rules?

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