Complaints Management and Mediation Division (CMD)
The Market Conduct and Development Division (MCD) was established in 2013 (a year after the take-off of the Consumer Protection Department) to ensure compliance with set market conduct standards through effective supervision. Its creation was informed by the need to have an independent consumer protection policy research, formulation, monitoring and enforcement group. The division is committed to promoting fair treatment, transparency, and accountability in financial institutions.
The overarching objective of Complaints Management is to ensure effective complaints handling mechanism that is fair, timely, affordable, accessible, transparent and independent,in order to enhance overall consumer confidence and engender financial system stability. The Complaints Management and Mediation Division (CMD) was established to strengthen consumer protection through timely resolution of complaints.
What We Do
- Fair and Transparent Complaint Resolution: We ensure that all consumer complaints are handled in a fair and unbiased manner, guaranteeing transparency throughout the process.
- Timely Complaint Handling: We prioritise resolving consumer complaints quickly, ensuring timely feedback and action to maintain consumer satisfaction and trust in the financial system.
- Mediation and Dispute Resolution: We offer mediation services to resolve conflicts between consumers and financial institutions, promoting amicable resolutions outside formal legal processes.
- Support for Financial System Stability: By resolving consumer complaints and ensuring fair treatment, we contribute to the overall stability and integrity of the financial system.
Our Commitment to Consumers
- Independence: We operate independently from financial institutions, ensuring that your complaints are handled objectively and without bias.
- Accessibility: We make our services easily accessible to consumers from all walks of life, including those with limited resources or language barriers.