Skip to main content
Entire section Custom print Text Only Rich Text Print

  • Part III – Complaints Handling

    • A. Complaints Handling Requirements

      1. Complaints handling. VASPs shall investigate all complaints promptly and resolve complaints as soon as practicable within a reasonable period of time, in accordance with the following requirements—
       
        a. VASPs shall acknowledge all complaints within one [1] week of a complaint being made; and
        b. VASPs shall resolve all complaints within four [4] weeks of the complaint being made, except in extraordinary circumstances in which case VASPs must provide the client an update on the status of the complaint, and explain the extraordinary circumstances delaying its resolution, within four [4] weeks of the complaint being made and resolve the complaint no later than eight [8] weeks from when the complaint was made.
       
      2. VASPs shall make available to their clients an easy-to-use template form for filing complaints and provide accessible means, along with clear instructions, on where such complaints can be submitted, however shall not limit customers to only submitting complaints through one channel or in one form in order to be recognised as a complaint.
      3. Where the provision of services relating to VA Activities involve any third-party Entities, VASPs shall establish procedures to facilitate the handling of such complaints between their clients and such third-party Entities. VASPs shall remain responsible for the resolution of such complaints.
      4. VASPs shall not impose any fees or charges for the submission or handling of any complaints.
      5. VASPs shall keep a record of—
       
        a. all complaints received from their clients;
        b. all measures they have taken in response to complaints; and
        c. the resolution of all complaints.
       

    • B. Complaints Handling Procedures

      1. VASPs shall establish and maintain effective procedures for the prompt, fair and consistent handling of complaints received from their clients in accordance with Rule III.A of this Market Conduct Rulebook. Such procedures shall be disclosed on their website in a clear and easy-to-understand manner.
      2. Such procedures must establish when a VASP will consider a complaint to have been made and the mediums and channels through which it will monitor and recognise complaints.
      3. When establishing and maintaining such procedures, VASPs must take reasonable steps to ensure that in handling complaints they identify and remedy any recurring or systemic problems, including but not limited to—
       
        a. analysing the causes of complaints so as to identify common root causes of complaints;
        b. considering whether such root causes may also affect other processes, services [including but not limited to VA Activities] or products, including those not directly complained of; and
        c. correcting such root causes.