Measuring performance indicators of financial entities
| No: 391000028201 | Date(g): 28/11/2017 | Date(h): 10/3/1439 |
Effective from 2017-11-28 - Nov 27 2017
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Issuance Date 28/11/2017
Based on Saudi Central Bank’s role to protect customers of financial entities subject to its supervision; with reference to Saudi Central Bank Circular No. 381000107382 dated 01/11/1438 AH, which refers to the launch of the first phase of the “SAMACares” system; and as the circular included that Saudi Central Bank would, during the second phase of the system, evaluate the work of financial entities according to performance indicators that would be approved later,
Therefore, we would like to emphasize the importance of adhering to the performance indicators described below:
Performance Indicator | Indicator Description | Desired Objective |
Customer satisfaction rate with complaints handling | Complaints in which customers objected to the financial entity’s response | Not less than 50% |
Quality ratio in handling procedures | Complaints that were closed with more than three correspondences | Not more than 33.3% |
Percentage of compliance with the service level agreement | Service Level Agreement as per Saudi Central Bank Circular No. 381000107382 | Not less than 80% |
Percentage of handling complaints from the first stage | Complaints in which the customers’ objection to the financial entity’s response was accepted and were closed in the interest of the customer | Not more than 33.3% |
Note that the performance of the financial entities according to these indicators will be monitored on a quarterly basis, starting from 01/01/2018 AD, and Saudi Central Bank expects the Board of Directors to monitor the performance of these indicators and provide full support and the necessary human resources to the relevant departments to ensure compliance.
In order to ensure that the financial entities deal fairly and equitably with customers, Saudi Central Bank will take legal measures against companies and banks that violate this circular.
*Amended pursuant to Circular No. (42027544) dated 28/04/1442 AH.
**Amended pursuant to Circular No. (44009296) dated 02/05/1444 AH.