The CSSF has recently clarified the measures to be taken by professionals of the financial sector in Luxembourg in order to comply with the obligations provided in the CSSF Regulation 13-02 relating to out-of-court resolution of complaints (“Regulation”) (see our Newsletter of January 2014 for more information on the Regulation).
Since 1 July 2014, all professionals must have a complaint handling policy in place, which must be set out in a written document and must be formalised in an internal complaint settlement procedure.
Circular 14/589 focuses on (i) the characteristics and scope of the complaint settlement procedure, (ii) the obligations and responsibilities of the management board in this respect, and (iii) the information to be provided to the CSSF on an annual basis. A table is attached to the Circular 14/589 which can be used as a sample template for communicating the complaints recorded by a professional to the CSSF.
Circular 14/589 also provides for the repeal of the previous IML Circular 95/118 on customer complaint handling.
In relation to UCITS SICAVs that have appointed a Management Company, we understand that the CSSF accepts that it is sufficient for the procedure to be adopted by the Management Company and that the UCITS SICAV is not required to adopt a separate procedure.