The CHR Regulation came into force on 3 January 2022. In summary, Financial Institutions are required to comply in the following ways:
establish an independent Complaints Handling and Resolution process for retail customers
designate senior management as responsible for overseeing compliance with the regulation
ensure information regarding the Complaints Handling and Resolution process is publicly available
ensure that complaints received and managed are recorded in a centralised manner
report all complaints and any â€˜nilâ€ reports to MAS on a biannual basis.