The Commission de Surveillance du Secteur Financier (CSSF) has
changed the rules on customer complaints by replacing the CSSF
Regulation 13-02 relating to the out-of-court resolution of
complaints (résolution extrajudiciaire des
réclamations) with CSSF Regulation 16-07 (Original – English translation). The new rules came into
effect on 11 November 2016, the date of the publication in the
Mémorial, the official gazette.
The changes (i) provide additional clarity by adding certain
definitions, (ii) clarify the admissibility requirements for a
complaint to the CSSF and (iii) introduce a limit of one year from
filing the complaint with the relevant professional to filing a
complaint with the CSSF.
Most important, the changes require all institutions under the
supervision of the CSSF to publish details of their policy about
the out-of-court resolution of complaints on their website,
including the role of the CSSF. If an institution has no
website, it is required to provide the same information to its
customers by other means, e.g. in its contractual documentation,
brochures or flyers.
Additional amendments apply to communication with
customers. According to the new regulation, if an institution
is not able or willing to respond favorably to a customer
complaint, it needs to inform the customer in writing about the
possibility to introduce a complaint with the CSSF and to include
the information about the time limit.
As a result of the changes, all institutions (banks,
professionals of the financial sector, UCITS, AIFs, SIFs, SICARs,
etc.) will need to verify if (i) they comply with the new
transparency requirement to publish details about their complaints
policy and (ii) their internal procedures comply with the new
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