Monday, 01 May 2023 07:45

BoJ reports significant increase in customer complaints against financial institutions

Written by
Rate this item
(0 votes)
The Bank of Jamaica has recorded a significant increase  in the number of complaints against banks and other deposit taking institutions by members of the public. 
In its recently released 2022 Annual Report, the BoJ confirmed that it received 292 complaints  in respect  of its licensed deposit taking institutions, representing a near 80 per cent increase in complaints over the corresponding period in 2021. In contrast, 171 cases were recorded  in 2021.
The BOJ noted that the predominant complaints were connected in the "account related" category, and continued to be largely related to issues encountered with the increased use of electronic banking channels.
Other complaints included fees and charges, access to funds, and fraud. 
The BoJ said it continued to  facilitate resolution of complaints submitted; however the resolution rate declined to 77 per cent at the end of 2022, from 80 per cent for the corresponding period a year earlier. 
The resolution rate refers to the rate at which banks and other institutions successfully responded to and concluded a matter with the customer.