Cayman Islands Regulatory Alert: CIMA Complaints Handling Survey For SIB Licensees

• Published date: 27 March 2023
• Subject Matter: Finance and Banking, Corporate/Commercial Law, Financial Services, Securities
• Law Firm: Appleby
• Author: Mr Simon Raftopoulos, Menelik Miller and Miriam Smyth

In our latest Cayman Islands regulatory alert, we discuss the complaints handling survey recently circulated to SIB licensees by CIMA and its approaching submission deadline.

On 3 March 2023, the Cayman Islands Monetary Authority (CIMA) issued a circular addressed to all Securities Investment Business Act licensees (SIB Licensees) asking them to complete a survey in order to give CIMA a better understanding of that firm's complaints handling policies and procedures and to assess the effectiveness of a firm's complaints management framework.

WHAT DOES THE SURVEY INVOLVE?

The survey contains two tabs divided into various sections. Broadly speaking, a firm must provide its contact details as well as the following information:

Number of complaints -asks for complaints data from 2020 onwards;

Nature of complaint - asks for the nature of the complaint(s) e.g., poor customer service;

Number of complaints pending/resolved - firms should maintain a complaints handling log so this information can readily be provided to CIMA;

Resolution of complaints - asks for the type of complaints resolution e.g., internal, cash settlement, legal action;

Post-resolution - this free text section asks firms to describe steps taken and controls put in place having analysed their complaints data in order to avoid incidents reoccurring.

APPROACHING DEADLINE

SIB Licensees...