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28 August, 2008
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The Financial Mediation Bureau (FMB) is set up to help settle disputes between you (applies to both individuals and corporations) and the financial institutions, payment system operators and payment instrument issuers (financial services providers) who are its members.
The FMB is an independent body that provides you with a fast convenient and efficient avenue to refer your complaints, disputes or claims for resolution as an alternative to the courts and the services of the FMB is offered free of charge. The financial services providers who are members of the FMB are as follows:
• All commercial banks
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All finance companies
• All merchant banks
• All Islamic banks
• All insurance companies
• All takaful operators
• Malaysian National Reinsurance Berhad
• Development financial institutions
• Payment system operators
• Payment instrument issuers
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The type of complaints, disputes or claims that you may refer to the FMB are:
Banking / Financial related
• Personal loans or personal financing-i
• Housing loans or house financing-i
• Automated teller machine (ATM)
• Cash deposit machine
• Credit / charge card or credit / charge card-i
• Hire purchase or hire purchase-i
• Savings account or saving account-i
• Current account or current account-i
• Fixed deposit or general / special / specific investment account-i
• Remittances
• Electronic banking
• Internet banking
Insurance / takaful related
• All life insurance / family takaful claims
• All general insurance / general takaful claims
For complaints, disputes or claims involving a financial loss, the amount claimed should not exceed the following:
Banking / Financial related
RM1000,000 (except for fraud cases involving payment instruments, credit cards, charge cards, ATM cards and cheques for which the limit is not more than RM25,000).
Insurance / takaful related
• RM200,000 (motor and fire insurance / takaful)
• RM5,000 (third party property damage)
• RM100,000 (others)
Exclusion
The FMB will not consider complaints, disputes or claims relating to general pricing, product policies or services of the members, credit decisions (approval, rejection and rescheduling of loans), fraud cases (other than for fraud cases involving payment instruments, credit cards, charge cards, ATM cards and cheques for which the limit is not more than RM25,000), cases which are time barred or more than 6 years and cases that have been or are referred to the court and/or for arbitration.
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When to refer your case to the FMB
Before the FMB can accept your case, you should first lodge a complaint with your financial services provider and try to resolve your complaint, dispute or claim with the institution concerned.
If your complaint, dispute or claim cannot be resolved or you are not satisfied with the final response given to you by your financial services provider, you can refer your case to the FMB.
You need to submit your case to the FMB within six months of receiving a final decision from your financial services provider.
How to refer your case to the FMB
You can come personally to the FMB or write to the FMB by stating briefly the nature of your complaint, dispute or claim together with a copy of the relevant correspondence from your financial services provider, including a copy of the letter conveying the final decision.
You also need to complete a standard form prepared by the FMB that will authorise your financial services provider to disclose any confidential financial information related to the case to the FMB.
How FMB Works
If your complaint, dispute or claim is within the scope of the FMB, the FMB, with your written authorisation, may obtain further information from your financial services provider regarding your complaint, dispute or claim and study the case, to see how best it can be resolved.
The FMB will investigate the complaint, dispute or claim based on the facts presented objectively. The FMB may conduct an interview with you or together with your financial services provider, through a mediation process to resolve the case. The FMB will then make a decision based on its own practices. The decision of the FMB is binding on the financial services provider but not on you.
You can choose to accept or reject the decision of the FMB. If you don not accept, the decision is deemed cancelled and you are free to take any other steps in respect of the complaint, dispute or claim, including legal proceedings. However, if you do accept the FMB’s decision, you may lose your right to proceed with the legal action against the financial services provider.
The mediation proceeding are deemed to be a ‘without prejudice proceeding’. The decision of the FMB or any part thereof relating to the findings or facts and expressions of views or opinion shall not be disclosed in any subsequent court proceedings or arbitration. |
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