June 1, 2021: Al Ahli Bank of Kuwait (ABK) reiterated the importance of the latest in a series of educational topics that have formed part of the Central Bank of Kuwait and Kuwait Banking Association’s year-long ‘Let’s Be Aware’ programme, namely the Consumer Protection Guide.
The Consumer Protection Guide, issued by the Central Bank of Kuwait, is in accordance with the principles of financial consumer protection approved by the Finance Ministers and Central Bank Governors of the G20 countries in October 2011. The guide includes a set of principles complementing the various rules and guidelines issued by the Central Bank of Kuwait for protecting customers in their dealings with banks.
If a customer has a complaint against a financial services provider, a well-defined grievance process is detailed for them to follow. This starts by submitting a complaint to the provider through designated forms, which must be available in every bank branch. The service provider must respond to the complaint in writing within 15 business days.
Should the bank fail to respond within the allocated time frame, or if the customer is dissatisfied with the provider’s response, the customer may submit a grievance letter to the Central Bank of Kuwait, accompanied by a copy of the bank’s response. The Central Bank of Kuwait will evaluate the complaint and attempt to reach a mutually acceptable solution.
Mr. Ahmad Altayyar, Area Manager – Retail Banking Division, stressed the importance of consumers being aware of their rights and knowing the process of ensuring they are heard if they have a concern: “The ‘Let’s be Aware’ campaign has been an extremely informative and successful initiative. Protecting consumers and ensuring best practice across the banking industry is extremely important. ABK takes all complaints seriously and believes that every customer has the right to redress if they are dissatisfied with a product, service or outcome.”
“It is therefore essential that customers know their rights and understand the correct procedure for filing a complaint. This campaign aims to do just that, by ensuring that customers are aware of the correct process to follow in case of a grievance.” he added.
The ‘Let’s Be Aware’ programme brings together regulators and financial services providers in Kuwait, spearheading a joint effort to raise consumer awareness of banking products and services. Each programme member takes the lead on a particular topic, such as effective bank card usage, guidance on borrowing, complaints and escalation methods, fraud management, cybersecurity protocols, and more.
Since the onset of the global crisis, the Central Bank of Kuwait, with the support of the Kuwait Banking Association, has helped mitigate the economic impact on the nation, and the latest initiative adds to the Central Bank’s track record of ensuring financial and economic stability in Kuwait.
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