:: How we may help you?
SCOPE
All complaints, disputes and claims other than those in the exclusion list. This will include amongst others, disputes relating to the following :
- Banking/Financial related
- Personal Loans or Personal
Financing-i
- Housing Loans or House
Financing-i
- Business Loans or Business Financing-i
- Credit/Charge Card or Credit/Charge
Card-i
- Hire Purchase or Hire Purchase-i
- Savings Account or Savings
Account-i
- Current Account or Current
Account-i
- Non-Residence Account
- Fixed Deposit or
General/Special/Specific
investment account-i
- Remittances
- Electronic Banking
- Internet Banking
In addition, with respect
to insurance and takaful related disputes, IOLA
can help with all disputes between policyholders/certificate
holders/claimants and their own or third party
insurers/takaful operators.
JURISDICTION
For complaints, disputes or claims involving a financial loss, the amount claimed should not exceed the following :
| Banking/financial related : |
$900,000 (except for fraud cases involving payment instruments, credit cards, charge cards, ATM cards and cheques for which the limit is not more than $25,000) |
| Insurance related : |
$200,000 (Motor and fire insurance)
$100,000 (Others)
$5,000 (3rd party property damage) |
EXCLUSION
The IOLA will not consider complaints, disputes or claims relating to general pricing, product policies or services of the members, credit decisions (approval, rejection and rescheduling of loans), fraud cases (other than for fraud cases involving payment instruments, credit cards, charge cards, ATM cards and cheques for which the limit is not more than$10,000), cases which are time barred or more than 6 years and cases that have been or are referred to the court and/or for arbitration.
EFFECT
Award or decision of the IOLA is binding on the institutions but not the complainant.
|
