CSSF Circular 17/671
Clarifications on CSSF Regulation N°16-07 on out-of-court complaint resolution in the financial sector
On 13 October 2017 the Luxembourg Financial Regulator (Commission de Surveillance du Secteur Financier - CSSF) issued Circular 17/671 that clarifies the rules applicable to customer complaints in the financial sector as provided by CSSF Regulation 16-07 on out-of-court complaint resolution ( please view our previous legal alert on this regulation).
Circular 17/671 (French only) entered into force on 13 October 2017 and repealed on the same date CSSF Circular 14/589 (French and English) on the details of out-of-court resolution of customer complaints.
Circular 17/671 clarifies the procedure to be followed and the information to be provided by the person in charge of a financial institution's customer complaints, if a complaint cannot be treated favourably.
Most important, Circular 17/671 provides additional information on the mandatory content of the annual statistics and the annual synthetic report to be submitted to the CSSF. It particularly:
Clarifies that it is not necessary to report complaints that do not relate to a product or a financial service. Stipulates that the synthetic report shall provide information on the measures taken to handle complaints. States that the statistics and the synthetic report shall also include the complaints received by subsidiaries and branches outside of the Grand Duchy of Luxembourg. Action points
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