How To Make A Complaint Through Malaysia Mediation Bureau

3:39:00 PTG

How To Make A Complaint Through Malaysia Mediation Bureau

Have you ever experienced having your insurance claim rejected by your insurer? For one, that is something I don't even pray for my enemy to ever go through. The processes you would have to undertake to overturn the decision are tedious, time-consuming, and frustrating. I must admit the process is not for the weak ones. At some point, you will get that gnawing feeling when your reliable agent may no longer have the muscle or doggedness to assist. So you are entirely left on your own in dealing with the insurance company. You are calling every day and being passed from one officer to another, chasing shadow in your quest to resolve your disputes. You may think of giving up, well that might not be a big deal if the claim amount is relatively small. But if it involves a huge amount of money, you will probably not be willing to give it up, especially when knowing you are entitled to it. As such, there are several things to do to Make Complaint Through Malaysia financial mediation bureau.

What Is The Financial Mediation Bureau?

The Financial Mediation Bureau, now known as Ombudsman for Financial Services (OFS), is a non-profit organization founded under Bank Negara Malaysia's initiative (BNM). The organization, which was incorporated in 2004 and commenced its operations in 2005, has a membership of over 100 financial institutions that Bank Negara Malaysia licenses. The bureau was set up as an alternative dispute resolution channel to resolve complaints between Financial Service Providers (FSPs) and their customers. The financial service providers who are members of the Ombudsman for Financial Services (OFS) includes:


  • Certified banks as well as Islamic banks

  • Certified insurers and takaful operators

  • Approved development financial institutions

  • Approved designated and Islamic payment instrument issuers

  • Approved insurance and takaful brokers

  • Financial advisors and Islamic financial advisors


 

How Does The Ombudsman For Financial Services Help Resolve Disputes?

As an alternative dispute resolution medium for financial consumers, including insurance in Malaysia, FMB or OFS will act as an arbitrator between yourself and your insurance company in case of an insurance dispute. OFS is an independent and impartial mediation service; you must raise your dispute first with your insurance provider. Once your insurance company issues a decision letter and is still unhappy or dissatisfied, you can submit an inquiry to OFS. It is imperative also to note that you've up to 6 months from the date on the decision letter to file a case with OFS.

Check below to see the products and services which you can seek help for:

 

Type Of Disputes


Monetary Limit Islamic banking services or products

 RM100,000


Fraud cases involving the use of designated payment instruments or payment channel, credit card, charge card or automated teller machine (ATM) card or a cheque

RM25,000


Live insurance/family takaful claims

RM100,000


Motor and fire insurance/takaful claims

RM200,000


Third-party property damage insurance/takaful claims

RM5000


Other general insurance/takaful claims    

RM100,000

 

Final Thought

The creation of The Financial Mediation Bureau, now known as Ombudsman for Financial Services (OFS), was brought about by BNM's efforts to encourage accurate, timely, and efficient complaint handling by the financial service providers. In a world where financial service providers and insurance companies are more fixated on building resources in marketing and sales, this initiative has proven to be great as more and more Malaysians are aware that their rights and voice could be heard.


For more information, you can visit Fincrew.my. It offers the best insurance service in the country, and beyond that, it provides an excellent customer service experience to its increasing client base. 

 



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