Financial Consumer Complaints
Learn more about how to make a complaint against a licensed financial institution.
In accordance with BDCB's Notice for The Establishment of A Complaints Handling Function Within Financial Institutions ((Notice No. FCI/N1/2021/1), effective 1 July 2021, financial institutions are required to establish a Complaints Handling Function, in order to give financial consumers an effective redress mechanism of their complaints on financial products and services. This includes establishing a complaints handling and redress procedure, and providing financial consumers with an accessible, affordable, independent, fair, accountable, timely and efficient means for resolving complaints with regard to their financial transactions and/or the banks' financial institutions' practices and services. This Notice is introduced as part of BDCB's continuous effort in strengthening financial consumer protection.
Essentially, the respective financial institution's Complaints Handling Function will be the first stop for customer(s) to lodge complaints against the financial institutions. Financial institutions are required to provide complainants with a final response within 30 working days after the date of receipt of the complainant's complaint or provide a written response informing the complainant of the reasons for the delay, and the client's right to refer the complaint to BDCB.
If complaints are not satisfactorily resolved by the financial institutions within 90 business days after the date of receipt of the complaint, the complainants may escalate their complaints to the BDCB. BDCB may, if applicable, direct that the complaint be settled through mediation at the Brunei Darussalam Arbitration Centre (BDAC). In accordance with BDCB's Notice for The Establishment of A Complaints Handling Function Within Financial Institutions ((Notice No. FCI/N1/2021/1), effective 1 July 2021, financial institutions are required to establish a Complaints Handling Function, in order to give financial consumers an effective redress mechanism of their complaints on financial products and services. This includes establishing a complaints handling and redress procedure, and providing financial consumers with an accessible, affordable, independent, fair, accountable, timely and efficient means for resolving complaints with regard to their financial transactions and/or the banks' financial institutions' practices and services. This Notice is introduced as part of BDCB's continuous effort in strengthening financial consumer protection.
Essentially, the respective financial institution's Complaints Handling Function will be the first stop for customer(s) to lodge complaints against the financial institutions. Financial institutions are required to provide complainants with a final response within 30 working days after the date of receipt of the complainant's complaint or provide a written response informing the complainant of the reasons for the delay, and the client's right to refer the complaint to BDCB.
If complaints are not satisfactorily resolved by the financial institutions within 90 business days after the date of receipt of the complaint, the complainants may escalate their complaints to the BDCB. BDCB may, if applicable, direct that the complaint be settled through mediation at the Brunei Darussalam Arbitration Centre (BDAC).
How to file a complaint against licensed financial institutions
1
Approach your respective financial institutions
All financial institutions have a Complaints Handling Unit or Officer. Explain in detail the nature of your complaint to the Complaint Handling Unit/ Officer. Give them reasonable time in order to solve the problem.
The contact details of the complaint handling function in the respective financial institutions can be found here.
2
Lodge a formal complaint
If you are not satisfied with the financial institutions' final response, you may lodge a formal complaint to the Financial Consumer Issues (FCI), BDCB.
You are required to complete the Financial Consumer Complaint Form (FCI-01).
3
You may lodge your complaint to
Financial Consumer IssuesBrunei Darussalam Central Bank
Level 7, Ministry of Finance and Economy Building
Commonwealth Drive
Bandar Seri Begawan BB3910
Brunei Darussalam
Email: fci[at]bdcb[dot]gov[dot]bn OR call: 238 0007 or 8380007
Counter service operation hours
Monday - Thursday
8:00am to 11:30am, 2:00pm to 4:30pm
Friday
8:15am to 11:00am
Saturday, Sunday & Public Holiday
Closed
4
Assessment
Depending on the complexity of the issue, the process may take up to 6 months.
5
Dispute Settlement
If a resolution cannot be reached, BDCB may refer the case to Brunei Darussalam Arbitration Centre (BDAC) for meditation.
Depending on the amount claimed, consumers can approach any of the following:
| Courts | Claim Amount (BND) |
|---|---|
| Small Claims Tribunal | Up to 10K |
| Magistrates Court | Up to 50K |
| Intermediate Court | Up to 300K |
| High Court | From 50K above |
BDCB Complaint handling process
Consumer
1
Consumer lodges a complaint
5
BDCB provides feedback
2
BDCB obtains information
3
Financial institution provides information
4
Asses whether the complaint is valid or not
Financial Institution
Types of issues that will not be covered
A complaint that has yet to be reviewed by respective financial institutions.
A dispute which has been referred to Brunei Darussalam Arbitration Centre (BDAC).
If legal proceedings have been initiated.
A complaint by the agent of a financial institution.
Matters of criminal nature such as those involving elements of fraud or cheating.