Section 96A: Protection of customers of financial institutions

96A. Protection of customers of financial institutions (1) For the purposes of discharging its functions, the central bank may develop and promote such programmes and initiatives, where it thinks necessary in collaboration with financial institutions or bodies representing the [Issue 6] B3 – 62 Revised Laws of Mauritius financial institutions, to inform and educate customers or potential customers of financial products and financial services. (2) Every financial institution, other than a cash dealer, shall appoint an officer to deal with complaints and grievances from their customers. (3) (a) Any customer of a financial institution who is aggrieved by any act or omission of the financial institution may, subject to paragraph (b), make a complaint in writing to the financial institution for remedial action. (b) The financial institution shall not entertain a complaint where it is made more than 7 years from the date of the act or omission giving rise to the complaint. (4) (a) Any complaint made under subsection (3) shall be dealt with by the financial institution and a written reply shall be given to the complainant as soon as practicable but not later than 3 months as from the date it receives the complaint. (b) Where the complainant is dissatisfied with the reply, or does not receive a reply within the period referred to in paragraph (a), he may, subject to paragraph (c), refer the complaint, in writing, to the central bank— (i) specifying the nature of the complaint, the redress being sought and the reasons for his dissatisfaction; and (ii) enclosing— (A) a copy of the complaint made to the financial institution; (B) a copy of the reply made by the financial institution; and (C) any other document or information which may be of relevance to the complaint. (c) The central bank shall not entertain a complaint referred to it under paragraph (b) where it is made more than one month from the date of the reply given under paragraph (a) or where no reply is made by the financial institution within the period of 3 months referred to in paragraph (a), unless the central bank considers that it is reasonable to do so. (5) (a) The central bank shall examine a complaint referred to it under subsection (4) (b) and shall take such action as it may determine, including but not limited to— (i) instructing the financial institution to remedy the situation and where the central bank thinks fit, ordering the financial institution to pay such compensation as is appropriate in the circumstances, to the complainant; and (ii) imposing on the financial institution, where appropriate, an administrative penalty as provided for under section 50 (6) of the Bank of Mauritius Act. (b) The central bank may order the complainant or the financial institution to provide such information as may be required for the purposes of paragraph (a), within such time as may be specified in the order, and the financial institution shall comply with the order. B3 – 63 [Issue 9] Banking Act (c) The central bank shall, where possible, give a written reply to the complainant within 3 months from the date the complaint is referred to it under subsection (4) (b) or from the date the information referred to in paragraph (b) is received by it. (d) Where, in the course of an examination of a complaint by the central bank, it is suspected that there is a breach of the banking laws, the central bank may conduct an investigation under section 43. (6) The central bank may issue such instructio c) The central bank shall, where possible, give a written reply to the complainant within 3 months from the date the complaint is referred to it under subsection (4) (b) or from the date the information referred to in paragraph (b) is received by it. (d) Where, in the course of an examination of a complaint by the central bank, it is suspected that there is a breach of the banking laws, the central bank may conduct an investigation under section 43. (6) The central bank may issue such instructions or guidelines as may be necessary for the purpose of this section. [S. 96A inserted by s. 3 (c) of Act 27 of 2012 w.e.f. 21 December 2012.]