The Financial Services Authority (FSA) has issued a circular urging securities and insurance firms to enhance the quality of their public call centres.
This directive follows the Authority's identification of practices that violate laws and regulations concerning the protection of client data and personal information in the establishment of these call centres. Additionally, these practices have adversely affected the quality of service provided to clients and policyholders.
The Financial Services Authority is tasked with regulating and licensing activities within the securities and insurance sectors, ensuring compliance with international standards and legal requirements that uphold the integrity and performance of institutions in the capital market and insurance industries.
The Authority stated in the circular that this initiative is part of our commitment to enhancing the quality of services offered by companies in the securities and insurance sectors to investors and policyholders.
It has emphasized the importance of implementing appropriate measures to enhance communication channels with the public by upgrading call centers to align with contemporary communication standards. This includes ensuring the protection of data and personal information while delivering services and responses with the necessary quality and efficiency.
Additionally, the circular outlines several key measures, such as the requirement for training and equipping employees in public communication channels. It is essential for them to be well-versed in current laws and regulations to effectively address customer needs and inquiries, thereby improving the overall efficiency of call centers in fulfilling their designated objectives.
The Authority also urges the recipients of the circular to operate call centers from within the Sultanate of Oman, either by hiring specialized staff from within their organization or by partnering with local companies that specialize in this area. This approach aims to guarantee the quality and efficiency of services while safeguarding the data and personal information of investors and insurance policyholders.
The Financial Services Authority underscores the necessity for all companies to promptly address the requirements of investors and insurance policyholders. It highlights the importance of continuously adapting to modern communication channels to foster trust and improve transparency. This approach is expected to benefit both the objectives of companies and the interests of clients, ultimately contributing to the sustainable growth of the financial services sector in the Sultanate of Oman.
