PwC's Managing upstream risk: Regulatory reform review - An asian perspective November 2013 | Page 14

Guideline 6 –
Provision of information

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:
(i)

details of how to complain (e.g. the type of information to be provided
by the complainant, the identity and contact details of the person or
department to whom the complaint should be directed);

(ii)

the process that will be followed when handling a complaint (e.g. when
the complaint will be acknowledged, indicative handling timelines,
the availability of a competent authority, an ombudsman or alternative
dispute resolution (ADR) mechanism, etc.).

d) Keep the complainant informed about further handling of the complaint.
Guideline 7 –
Procedures for responding
to complaints

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.

The consultation runs until 7 February 2014 and ESMA and the EBA expect to publish the final guidelines
in Q1 2014.

14

Regulatory Reform Review |

Banking