Circular 14/589 – Out Of Court Settlement

Following the release of CSSF regulation 13-02 dated October 15th 2013 relating to the out-of-court settlement of claims (the "Regulation"), the CSSF issued at the end of June 2014, circular 14/589 (the "Circular") which further clarifies some aspects of the Regulation.

The Regulation describes the out-of-court settlement procedure applicable to retail clients which have a claim against a financial actor.

The Regulation enumerates the formal steps to be undertaken with the CSSF and the organisational requirements applicable to financial actors which enable them to handle customer complaints.

In this respect, the Circular clarifies the responsibilities applicable to the members of management responsible for the internal claims handling procedure.

In addition, the Circular lays down the information which...