Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors

Purpose

Scope

Guideline 1 – Complaints management policy

1. Competent authorities should ensure that:

• a) A ‘complaints management policy’ is put in place by firms. This policy should be defined and endorsed by the firm’s senior management, who should also be responsible for its implementation and for monitoring compliance with it.
• b) This ‘complaints management policy’ is set out in a (written) document (e.g. as part of a ‘general (fair) treatment policy’).
• c) The ‘complaints management policy’ is made available to all relevant staff of the firm through an adequate internal channel.

Guideline 2 – Complaints management function

2. Competent authorities should ensure that firms have a complaints management function which enables complaints to be investigated fairly and possible conflicts of interest to be identified and mitigated.

Guideline 3 – Registration

3. Competent authorities should ensure that firms register, internally, complaints in accordance with national timing requirements in an appropriate manner (for example, through a secure electronic register).

Guideline 4 – Reporting

4. Competent authorities should ensure that firms provide information on complaints and complaints-handling to the competent authorities or ombudsman. This data should cover the number of complaints received, differentiated according to their national criteria or own criteria, where relevant. Guideline 5 – Internal follow-up of complaints-handling

5. Competent authorities should ensure that firms analyse, on an on-going basis, complaints-handling data, to ensure that they identify and address any recurring or systemic problems, and potential legal and operational risks, for example, by:

• a) Analysing the causes of individual complaints so as to identify root causes common to types of complaint;
• b) Considering whether such root causes may also affect other processes or products, including those not directly complained of; and
• c) Correcting, where reasonable to do so, such root causes.

Guideline 6 – Provision of information

6. Competent authorities should ensure that firms:

• a) On request or when acknowledging receipt of a complaint, provide written information regarding their complaints-handling process.
• b) Publish details of their complaints-handling process in an easily accessible manner, for example, in brochures, pamphlets, contractual documents or via the firm’s website.
• c) Provide clear, accurate and up-to-date information about the complaints-handling process, which includes:

• (ii) the process that will be followed when handling a complaint (e.g. when the

• d) Keep the complainant informed about further handling of the complaint.

Guideline 7 – Procedures for responding to complaints

7. Competent authorities should ensure that firms:

• a) Seek to gather and investigate all relevant evidence and information regarding the complaint.
• b) Communicate in plain language, which is clearly understood.
• c) Provide a response without any unnecessary delay or at least within the time limits set at national level. When an answer cannot be provided within the expected time limits, the firm should inform the complainant about the causes of the delay and indicate when the firm’s investigation is likely to be completed.
• d) When providing a final decision that does not fully satisfy the complainant’s demand (or any final decision, where national rules require it), include a thorough explanation of the firm’s position on the complaint and set out the complainant’s option to maintain the complaint e.g. the availability of an ombudsman, ADR mechanism, national competent authorities, etc. Such decision should be provided in writing where national rules require it.