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Fair Dealing
We put our customers and their financial goals first as we grow our business through conscious and concerted efforts across our entire franchise.
Treating customers fairly
At UOB, we put our customers first and it is on this foundation that we have developed our business and will continue to grow. We believe what is not right for our customers is not right for us. And when we do what is right for our customers, we do what is right for us. Fair dealing is at the heart of every decision and recommendation that we make at UOB. This is achieved through conscious and concerted efforts across our entire franchise.
The principles of fair dealing reflect UOB’s time-tested values of Honour, Enterprise, Unity and Commitment, and are not bound by business or geography. In particular, our value of Honour underpins our commitment to delivering the five Fair Dealing Outcomes as set out in the Monetary Authority of Singapore’s (MAS) Guidelines on Fair Dealing.
From the boardroom to our branches, we put our customers and their financial goals first by:
Offering products and services that are suitable for them
Ensuring our employees are competent
Providing clear, relevant and timely information that accurately represent the products and services offered and delivered
Dealing with feedback in an independent, effective and prompt manner
We embed fair dealing principles in the way we design our investment products and services, our marketing and sales strategies and approaches, and our after-sales care. By consistently putting these principles into practice, we provide suitable financial services and solutions to customers and ensure long-term business sustainability.
Fair dealing is the responsibility of everyone at UOB, regardless of our individual roles. This duty is embodied in the UOB Code of Conduct. We have in place frameworks, policies and guidelines to ensure that we always aim for and achieve the Fair Dealing Outcomes.
Two Fair Dealing Committees (FDCs), each within Group Retail, and Group Wholesale Banking and Global Markets, comprising senior management appointed by our Group Chief Executive Officer, are responsible for ensuring Fair Dealing Outcomes for our customers. The Board and Management provide oversight through the Board Risk Management Committee and the Culture and Conduct Committee respectively.
Under the respective FDCs leadership and guidance, UOB has been, over the years, proactively driving the implementation of various new and/or improved controls and process refinement initiatives aimed at improving the standards of achieving Fair Dealing Outcomes. These include:
- mandatory training on MAS Fair Dealing for all employees;
- regular ‘Tone from the Top’ communications to reinforce the importance of embracing fair dealing principles in all that we do;
- relevant processes and guidelines to ensure product suitability across customer segments and support clearer communication and responsible advice;
- active monitoring of customer feedback to enhance the overall customer experience; and
- accountability and monitoring mechanisms which provide a transparent and objective score applied to both business and support functions.
MAS Guidelines on Fair Dealing Disclosure Notice
Creating positive customer experiences
Our Group Customer Advocacy team, which reports to the Group CEO, is responsible to drive customer-centricity across the organisation, through the monitoring of key performance indicators and customer experience metrics at both the strategic and operational levels. Regular updates on customer satisfaction, feedback and complaint trends as well as service performances across our businesses and channels are regularly shared with senior management committees - FDCs, Operational Risk Management Committee, Culture and Conduct Committee and the Board Risk Management Committee.
We actively listen to customers across the lifecycle of our products and services and address their feedback through:
- consolidated customer insights, drawn from internal and external, independent sources such as industry surveys and external benchmarking. Internal insights are obtained through indicators such as Net Promoter Score;
- reviews of root-cause analyses for customer complaints and feedback;
- Voice of Customer programmes and activities, to manage customer insights and testing to improve customer satisfaction; and
- cross-functional collaboration to develop, refine and implement improvement initiatives.
Related
Data privacy
We respect and safeguard the privacy and rights of our customers throughout our services and across our operations.
Information security
We protect our data and assets from potential cybersecurity risks and threats, ensuring reliable and efficient services for our customers.
Financial inclusion
We are committed to making our banking products and services accessible and affordable.
Related
Data privacy
We respect and safeguard the privacy and rights of our customers throughout our services and across our operations.
Information security
We protect our data and assets from potential cybersecurity risks and threats, ensuring reliable and efficient services for our customers.
Financial inclusion
We are committed to making our banking products and services accessible and affordable.
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