New CSSF Circular - Out-Of-Court Resolution Of Complaints

Out-of-court resolution of complaints: new CSSF circular 14/589 giving details regarding the provisions applicable to professionals that entered into force on 1st July 2014.

The said provisions applicable to professionals are set out in Section 2 of CSSF Regulation N° 13-02 of 15th October 2013 relating to out-of-court resolution of complaints (the "Regulation"). The Regulation, applying to any natural or legal person falling under the prudential supervision of the Luxembourg supervisory entity (Commission de Surveillance du Secteur Financier, "CSSF"), entered into force:

on 1st January 2014 as regards the regulatory framework of the CSSF in order to handle customer and investor complaints (Sections 1 and 3 of the Regulation), and on 1st July 2014 as regards the obligations incumbent on professionals in relation to the handling of complaints (Section 2 of the Regulation). Thus, all supervised entities are now required to adapt their internal procedures in compliance with all the Sections of the Regulation. In that respect, the CSSF issued new circular 14/589 in order to give additional details regarding Section 2 of the Regulation (the "Circular").

As a general rule, all supervised entities have to establish a complaints management policy which shall be set out in a written document, formalised in an internal complaint settlement procedure and approved by the management of the relevant supervised entity. Such policy shall be efficient, transparent and objective in view of the reasonable and prompt complaint handling. The supervised entities shall ensure that each complaint and each measure taken to handle it are properly registered. In respect to such policy, the supervised entities shall on a continuing basis cooperate with the CSSF. Furthermore, the complaints management policy shall also be publicly disclosed in an easily accessible manner such as internet web site or a brochure or a leaflet.

The Circular provides further details related to the complaints management policy, such as the requirement to secure and to computerise the registration of the...

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