Central Banking

Malaysian central bank looks to set up financial ombudsman service

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Bank Negara Malaysia

Bank Negara Malaysia (BNM) is looking to set up a financial ombudsman service to improve dispute resolution arrangements for financial consumers.

In a ‘concept paper' published today, which outlines several proposals for the new scheme and invites feedback from stakeholders, the central bank said the service would ensure an "effective and fair handling of complaints" against financial service providers (FSPs).

The ombudsman service, which is expected to become operational in the second half of n

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