Protection for financial consumers
The Bank of Thailand yesterday introduced the Financial Consumer Protection Centre (FCC), aiming to manage complaints and deepen knowledge in increasing complicated financial services to financial service users.
“We need to have the systematic financial consumer protection to help solve financially related problems, protect financial consumers and deepen their knowledge to help immunise them,” BOT Governor Prasarn Trairatvorakul.
Last year, there were approximately 2,600 complaints filed with the central bank, he said. Most concerned financial institutions’ services, call-centre scam gangs and debt restructuring.
It will take 15 working days for those who make complaints to get a response from the FCC.
The FCC will handle a complaint if it is within its capability or pass it on to other central bank units, including banknote management and financial institutions, to solve it if it is complicated, Prasarn said.
Previously, it took about 30 days for solving normal cases like debt restructuring and even five to six months for solving more complicated cases.
The FCC will also team up with other agencies, including the Ministry of Finance, the Securities and Exchange Commission, the Stock Exchange of Thailand and Thai Bankers’ Association to provide knowledge in financial services to financial consumers.
“Consumers will see more complex financial products. There are also increasing scam gangs out to deceive people. We need to be more proactive and join hands with several agencies, including the media, to warn the people,” Prasarn said.
Financial consumers can file complaints to the FCC through its hotline at 1213 or [email protected] or postal mails to the FCC headquarter.
The FCC headquarters, which is currently situated at the Bank of Thailand’s Building 3, fifth floor, will be moved to its Surawongse office in 2013.
