MUSCAT: The Financial Services Authority (FSA) has published its annual customer protection report for 2024, detailing the number of inquiries, reports, and complaints it has handled over the past year. According to the statistics, the FSA processed a total of 22,544 customer requests, reflecting its commitment to ensuring transparency and fairness within the financial sector. The report highlights the authority’s efforts to address consumer concerns, enhance financial awareness, and enforce regulatory compliance across various financial institutions.
A significant portion of the requests received by the FSA were related to general inquiries, demonstrating the growing need for financial literacy among consumers. Many individuals sought information on banking regulations, investment protections, and insurance policies, indicating a strong public interest in understanding financial rights. Additionally, the authority recorded a substantial number of reports regarding fraudulent activities and unethical financial practices, reinforcing the importance of regulatory oversight in safeguarding consumers against potential risks.
The report also sheds light on the FSA’s efficiency in handling customer complaints, with a structured approach to investigating and resolving disputes. Various complaints ranged from banking service issues and investment disputes to concerns about digital transactions and cybersecurity. The FSA emphasized its role in mediating conflicts between financial institutions and customers, ensuring that fair resolutions are reached. Moreover, the authority’s proactive measures have contributed to strengthening consumer confidence in the financial sector by addressing grievances in a timely and effective manner.
Looking ahead, the FSA plans to introduce further initiatives to enhance customer protection and financial awareness. The authority aims to implement new digital tools that will streamline the complaint resolution process and improve access to financial guidance. Additionally, efforts will be made to strengthen partnerships with banks, insurance companies, and investment firms to promote ethical practices and consumer-centric policies. By continuously refining its regulatory framework, the FSA seeks to create a more transparent, secure, and consumer-friendly financial environment in the years to come.
