THE Bank of Jamaica (BOJ) is set to impose minimum standards on how banks handle customer complaints after persistent gaps in dispute resolution left customers facing delays and inconsistencies.

The move comes against the backdrop of a regulatory gap, with no minimum industry-wide standards currently governing how deposit-taking institutions treat customer complaints.

The central bank said in its 2025 annual report that it has developed a new standard for deposit-taking institutions (DTIs) aimed at ensuring complaints are handled “fairly, transparently and promptly”, supported by stronger governance and accountability requirements.

“The standard forms part of a broader framework to strengthen market conduct, consumer protection, and financial sector resilience under the forthcoming Twin Peaks regulatory framework,” the BOJ said.

The Office of Consumer Complaints (OCC), which handles cases escalated beyond banks, received 443 complaints in 2025, down slightly from 463 in 2024. Nearly half of those complaints — 206 cases — were account-related, with the BOJ pointing to issues in electronic banking channels and automated banking machines (ABMs), highlighting persistent challenges customers face in accessing funds and resolving routine banking problems.

While complaint resolution rates improved sharply to 84 per cent in 2025 from 57.4 per cent a year earlier, the BOJ signalled that the underlying issues still warrant stronger regulatory intervention.

“The proposed standard will establish uniform requirements for all DTIs to ensure that customer complaints are addressed fairly, transparently and promptly,” the BOJ said.

The regulator completed development of the standard in 2025 and is expected to issue a consultation paper to the banking industry this quarter, before finalising the rules.

The absence of uniform standards has meant that how complaints are handled can vary across institutions, prompting closer regulatory scrutiny.

The initiative forms part of a broader push to strengthen market conduct and consumer protection as Jamaica transitions to a Twin Peaks regulatory framework under which prudential oversight and consumer protection will be separated.

The complaints data also point to deeper issues in parts of the financial system. In addition to account-related disputes, the OCC received complaints linked to fraud, loans, fees and access to funds.

“An analysis of these complaints highlighted the need for ongoing supervisory focus on lending practices, loan restructuring, and the management of repayment difficulties,” the BOJ said.

There was also a temporary spike in complaints related to the Real Time Gross Settlement (RTGS) system in December 2025, tied to operational challenges during the transition of JamClear®-RTGS to ISO 20022 standards. Similar standards introduced for automated banking machines in 2024 have already led to improvements in uptime and recovery times, the BOJ said.

The BOJ said improvements in fraud-related complaints were consistent with stronger supervisory engagement around anti-money laundering controls.

“As part of this preparatory exercise a structured online complaints intake mechanism will be introduced, requiring customers to submit complaints using a dedicated web-based form, rather than by written correspondence,” the BOJ said.

The platform will initially be hosted on the BOJ’s website before being transferred to the Financial Services Commission, under the Twin Peaks framework.

The OCC is also expected to take on an expanded role, moving beyond complaint resolution to broader market conduct supervision as the regulatory overhaul takes shape.

“In addition, the OCC initiated a market conduct thematic review of financial offerings in October 2025,” the BOJ closed.

The BOJ is working to develop minimum standards for how banks address consumer complaints. (Photo: David Rose)

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