BOT clamps down on banks over non-banking services

[webfact]

BOT clamps down on banks over non-banking services
By The Nation

 

BOT assistant Governor Ronnadol Numnonda

 

BANGKOK: -- The Bank of Thailand will issue a new directive to prohibit commercial banks from forcing customers to buy non-banking services, such as life insurance, BOT assistant Governor Ronnadol Numnonda said.

 

He said the new directive would be issued based on Article 39 of the Financial Institutions Act 2018.

 

The new directive aims ensure that commercial banks strictly adhere to the market code of conduct.

 

Ronnadol said the directive came after the central bank received 1,588 complaints against commercial banks by customers who said they were forced to buy insurance or other non-banking services.

 

Source: http://www.nationmultimedia.com/news/breakingnews/30310504

 

-- © Copyright The Nation 2017-03-28

[webfact]

Banks using dirty marketing tactics to be punished
By The Nation

 

BANGKOK: -- The Bank of Thailand will punish banks and their employees who try to sell financial products clients do not want.

 

The central bank’s move came after it received a lot of complaints from banking customers about the practice.

 

It is common for bank staff to persuade customers to buy financial products, such as insurance policies, when they were accessing another banking service.

 

Staff often do not disclose enough information for clients to make a sound decision in relation to the service offered.

 

The central bank’s punishment for offending lenders includes fines and a credit rating cut. 

 

The BOT has also demanded bank executives revamp their employees’ key performance indicators to improve services.

 

Source: http://www.nationmultimedia.com/news/business/30310505

 

-- © Copyright The Nation 2017-03-28

[fruitman]

Banks forcing customers to buy insurance products....

 

Banks forcing foreigners to pay an EXTRA Thailand ONLY fee  (220 baht) for using atm-machines while they have a WORLDCARD for using atm's....

 

Thailand only krab! Pure Thainess.

 

Trust us we are Thai.

 

 

[robcar]

A friend arrived here in Hua Hin at the beginning of October last year 2016. He needed a bank account to prepare for a full move here in a year or so. I'm a customer of Kasikorn so took him there to arrange things.

Apart from the minimum financial requirement (10.000bt) which we thought was quite high he was also required to take out ''Compulsory'' accident insurance which he didn't want or need. It was a case of ''no insurance, no account''. I certainly won't be introducing any more of my friends to Kasikorn.