Bankers have established a media- tion centre to help reduce the number of court cases and save time and money spent on settling disputes.
"We are pleased to participate in this pilot programme because financial services can be complicated and sen- sitive; therefore, both customers and banks need to first employ various options in an effort to reach an amicable agreement whenever disputes arise," said managing director of Housing Finance
"Certainly, there are cases which would go to court, but the goal is to minimise costs on both sides and maintain relationships," he said.
Last month, the
A school director has also recently sued
KBA noted that time wasted in settling disputes in court is never recovered by the industry and also contributes to deterioration of loan portfolios, adding that the expenses incurred tend to benefit other parties, including legal firms and auctioneers.
KBA chief executive
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