Tonga NRBD establishes a complaints unit

The Reserve Bank announces the establishment of a Complaints Unit, as agreed by the Board of Directors at its meeting in February 2013. The establishment of the Complaints Unit, which will become effective on 1 May 2013, is aimed at facilitating the resolution of customer complaints in relation to the performance of the

Reserve Bank’s services and/or functions, as well as the services of the licenced banks and authorised foreign exchange dealers. Customer complaints received will be given due consideration in accordance with the legislative powers of the Reserve Bank. The Reserve Bank will address the complaints in relation to its services or functions while complaints related to the services of the licenced banks and authorised foreign exchange dealers will be disseminated to the relevant licenced institutions.

The Governor of the Reserve Bank, Mrs Siosi Mafi, indicated that this initiative supports the protection of consumers’ interests in relation to the products offered by the licenced banks and authorised foreign exchange dealers. This measure also supports the Reserve Bank’s position of enhanced disclosure by the licenced financial institutions of the interest rates, exchange rates and fees and charges relating to their products and services. Public disclosure enables the general public to compare information such as interest rates, exchange rates, and fees and charges between various services/products and providers, which in turn fosters market discipline and competitiveness. If the disclosed information is inconsistent with what is actually offered to customers, the customers can file a complaint accordingly. This will ensure the licenced institutions are more vigilant and accountable to the public. Similarly, complaints will provide the Reserve Bank with feedback on its services and/or functions for possible improvements.

Customer Complaints Forms are available at the Reserve Bank’s reception desk and website for customers to file their complaints. Completed and signed forms are to be placed in a Complaints box at the reception desk. The Reserve Bank is committed to address the customer complaints in a satisfactory manner.

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