REVEALED: Mauritius’s Most Complained-about Banks, Insurance Companies

The Ombudsman for Financial Services has released its annual report for the 2022-2023 financial year, highlighting its achievements and cases handled.

During a press conference, Dan Maraye called for the introduction of an Accountability Act, similar to the one in Canada, to hold both government and private sector institutions accountable for their actions.

He emphasised the importance of transparency and accountability in institutions funded by public money. 

According to the report, Maraye’s office received 120 complaints against the Mauritius Commercial Bank (MCB), making it the most complained-about bank during the period from July 2022 to June 2023.

Following MCB was the State Bank of Mauritius with 35 complaints.

In the insurance sector, the Mauritius Union Assurance Company Ltd (MUA) received the highest number of complaints with 42, followed closely by Lamco International Insurance Ltd with 39 and Phoenix Insurance (Mauritius) Ltd with 31.

The Ombudsman received a total of 234 complaints against other financial and non-financial institutions. 

Maraye expressed satisfaction that his budget for the upcoming financial year has been increased to Rs 20.5 million, enabling his office to better serve complainants.

He also highlighted the need to address the delayed recruitment of technical staff, while expressing optimism that the position of Head of Legal & Investigation will be filled soon.

Source: Defi Media