The Consumer Complaints Unit Annual Report for 2014 was published this month, featuring extensive details on the operations, major initiatives and key challenges faced by the Unit throughout the year.
Over the twelve-month period, the Unit received a total of 127 formal complaints and 251 enquiries. Just over one quarter of these complaints were related to cross-border issues. The most popular type of complaint concerned investment products, followed by insurance and banking products.
Introducing the Report, MFSA Chairman Prof. Joe Bannister noted that the procedures followed by the Unit to investigate complaints reflect the Authority's commitment to maintain its dispute resolution mechanism impartial throughout the whole investigation process.
The Chairman emphasised that "the MFSA expects its licensees to treat their customers with respect at all times. This means therefore that the Authority expects firms to look beyond procedures of proper record keeping, disclosure, training and other regulatory requirements and instil a credible culture of placing the very best interest of the client at the forefront throughout the process".
The Report also provides details about the Unit's participation in EU committees on consumer protection and financial innovation as well as its work in terms of financial education, through a continuous presence on traditional and social media platforms. The Report is available for download on: https://goo.gl/2VNf6Z
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