Protection of Banks’ Consumers

Within the efforts aimed at strengthening the protection of banking sector clients by establishing a balanced relationship between banks and their customers, and guided by the relevant best international practices, and the principles of financial consumer protection approved by the finance ministers and central bank governors of the G20 countries in October 2011, the Central Bank of Kuwait issued a guide to protect banks’ clients in various sectors. This guide includes a set of principles that are considered complementary to, not alternative of, the various instructions previously issued by the Central Bank of Kuwait for protecting customers in their dealings with the banks.

 

 

The Consumers Protection Guide can be accessed through the following link:

 

 

Complaints Submission Mechanism:

If a customer (individual) has a complaint against the bank he/she deals with (or any other entity subject to the supervision of the Central Bank of Kuwait, e.g. exchange companies, investment companies, and financing companies), he/she should follow a well-defined mechanism/process to submit his/her complaint. Such process starts with communicating with the (bank) complainee to discuss and rectify the issue. In case the bank fails to respond to the customer’s complaint, the matter shall be escalated to, raised to the attention of, the Central Bank of Kuwait. The complaint is processed through the following stages:

 

The first phase:

The customer submits his/her complaint to the bank on the designated form, which should be is available in bank’s branches. The bank (complainee) should respond to the compliant in writing within 15 business days from its date. Such response should make clear whether the complaint has been processed and resolved accordingly, or the bank is satisfied of the procedures taken with respect to the subject of the complaint.

 

The second phase:

If the bank fails to respond to the complaint within 15 business days, or if the customer is not satisfied of the bank’s response, the customer may submit a grievance to the Central Bank of Kuwait accompanied with a copy of the bank’s response, the supporting documents. The Central Bank of Kuwait shall consider/verify the procedure taken to resolve the complaint.

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