Welcome, to the Public Awareness column provided by the Reserve Bank of Fiji (RBF). This month’s article focuses on recurrent issues identified from complaints received by the RBF from the public and consumers of financial services.
Consumer related issues and complaints are an important part of the financial services sector and responsibilities of regulated financial institutions. In this regard, the RBF has established a complaints management policy framework, where consumer issues are addressed effectively and efficiently and given a priority by the regulated financial institutions. The RBF continues to inform the public of the existence of this framework. Consumers are to firstly raise their complaints with the financial institutions. Thereafter, complaints may then be lodged with the RBF, where consumers are not satisfied with the outcome provided by the financial institution.
The majority of complaints received by the RBF involve cases where consumers have not read and understood the contract terms/conditions of the financial product or service that they have signed and legally committed themselves to.