The Consumer Protection Cell (CPC) under Legal Service Division, Royal Monetary Authority works to protect consumers from financial misconduct through education, policy-making and monitoring and tracking of complaints resolution.
The CPC aims to deliver on its consumer protection mandate in the context of three important desired consumer protection outcomes:
The CPC mandates the financial service providers to adopt the following principles in order to redress aggrieved consumers, promote fair trade practices, empower and enhance consumer confidence in the financial services:
The Process menu option will have explanations on "The lodging of a complaint/s" and "The timeline for resolving of the complaints". The procedure for lodging of complaints is divided in Stages, "Stage I" and "Stage II".
"Stage I" refers to the lodging of complaint in the FSPs (Financial Service Providers). The first step of any complaints is being lodged in the relevant FSPs
The second stage refers to complaint being lodged at the RMA, ONLY after the complaint has gone through the respective FSPs. Any complaint coming directly to RMA without being routed through the relevant FSPs will not be entertained by the RMA. As for the timeline, it is in the form of a flowchart which has been divided into "Levels", "Level I" and "Level II".
The total timeframe for both levels is 45days. Other than acknowledging a complaint filed within a maximum of 3 working days, the rest of the day can be divided however depending on the FSPs' complaint handing mechanism. The complaint needs to be resolved and the resolution needs to be delivered to the consumer with the 45days time period.
|Sl.||Financial Service Provider||Contact|
|1||Bank of Bhutan Limited||1095|
|2||Bhutan National Bank Limited||6070|
|3||Bank Development Bank Limited||1424|
|4||Druk Punjab Bank Limited||1313|
|5||Tashi Bank Limited||7070|
|6||Royal Insurance Coporation Limited||1811/1511|
|7||Bhutan Insurance Limited||2011|
|8||National Pension and Provident Fund||1039|
|13||Bhutan Care Credit Limited||330461/330462|
IMPORTANT NOTE: When giving out the contact points, it is very important to let the consumers know that RMA is and should be visited ONLY AFTER the complaint has gone through the FSPs first. Otherwise, they will not be entertained