EBA欧洲银行-JC-2014-43-Joint-Committee-Final-report-complaints-handling-guidelines_16页_414kb

Joint Committee Final Report on Guidelines for Complaints-Handling in the Securities and Banking Sectors

Core Content

This document presents the Joint Committee Final Report on guidelines for complaints-handling in the securities (ESMA) and banking (EBA) sectors, issued in June 2014. The guidelines are based on the Consultation Paper (CP) published in November 2013 (Ref: JC-CP-2013-03), which received 31 responses. The report outlines the feedback from these responses and the final version of the guidelines.

The purpose of the guidelines is to ensure a consistent approach to complaints-handling across the banking, investment and insurance sectors in the European Economic Area (EEA), thereby improving consumer confidence and supervisory convergence. The guidelines are issued under Article 16 of the ESA Regulations and are intended to be complementary to Alternative Dispute Resolution (ADR) mechanisms.

Main Views and Key Information

Supervisory Convergence

• Complaints-handling is seen as an opportunity for supervisory convergence across sectors.
• The harmonisation of standards is essential to create a uniform cross-border market and enhance consumer protection.
• While some respondents believe that convergence is not necessary for all sectors, the majority support it, especially for retail clients.

Feedback on Guidelines

• The majority of respondents supported the guidelines and the cost-benefit analysis.
• Some amendments were suggested, but ESMA and the EBA decided not to make any material changes to the draft.
• The guidelines are intended to be aligned with the EIOPA guidelines, ensuring consistency in complaints-handling practices.

Key Issues Addressed

• Client categorisation: Some respondents suggested differentiating between retail and professional clients, but ESMA and the EBA clarified that national competent authorities should apply the guidelines in line with sectoral legislation.
• Proportionality: The principle of proportionality is central to the guidelines. It allows for flexible application depending on the size and complexity of the firm.
• Definition of "complaint": Some respondents found the definition too broad, but ESMA and the EBA clarified that the definition is indicative and does not override national law.
• Data protection: Concerns were raised about data collection and compliance with national data protection laws. ESMA and the EBA noted that the guidelines must be implemented in accordance with the Data Protection Directive and GDPR.
• Scope: Central Securities Depositories (CSDs) were not excluded from the scope, as they are often authorised as credit institutions.
• ADR mechanisms: The guidelines are complementary to ADR mechanisms and not conflicting with them. ADR is only accessible after the firm has been contacted.

Consultation Questions and Responses

Question 1: Supervisory Convergence

• Majority of respondents agreed that complaints-handling is an opportunity for supervisory convergence.
• Some noted that harmonisation is not necessary for all sectors due to different statutory requirements.

Question 2: Comments on Guidelines

• General support was given for the guidelines.
• Concerns were raised regarding implementation costs, especially for small and medium-sized firms.
• Specific feedback was given on guidelines 1–7, with no major concerns raised about guideline 5.

Question 3: Cost-Benefit Analysis

• Most respondents supported the cost-benefit analysis.
• Some noted high costs for small institutions, but ESMA and the EBA believe the benefits outweigh the costs.

Question 4: Additional Evidence

• A few respondents requested more data on costs, particularly for IT and staffing, but no new data was provided.

Annex 1 - Final Guidelines

Purpose

• The guidelines aim to clarify expectations, provide guidance, harmonise arrangements, and ensure supervisory convergence.

Scope

• Applies to financial institutions that provide investment services, banking services, collective portfolio management, payment services, or electronic money services.
• Does not apply to complaints about non-supervised activities or activities of other entities.

Compliance and Application

• Guidelines are issued under Article 16 of the ESA Regulations.
• Competent authorities are expected to incorporate the guidelines into their supervisory practices.
• Non-compliance is assumed if no response is received within two months of the translation publication.

Definitions

• Firm: Includes investment firms, UCITS management companies, AIFMs, credit institutions, and payment institutions.
• Complaint: A statement of dissatisfaction regarding the firm's services.
• Complainant: A natural or legal person who has lodged a complaint.

Guidelines Summary

1. Complaints Management Policy

   • Must be defined and endorsed by senior management.
   • Should be written and available to all relevant staff.

2. Complaints Management Function

   • Enables fair investigation and conflict of interest mitigation.
   • Should be independent and autonomous where possible.

3. Registration

   • Complaints must be registered internally in an appropriate manner.
   • Secure electronic register is recommended.

4. Reporting

   • Firms must report complaints to competent authorities or ombudsmen.
   • No fixed reporting obligations are set, but national criteria apply.

5. Internal Follow-Up

   • Firms should analyse complaints to identify recurring issues.
   • Must consider root causes and correct them where reasonable.

6. Provision of Information

   • Firms must provide written information upon request or acknowledgment.
   • Must publish complaints-handling process in an accessible manner.
   • Must keep complainants informed throughout the process.

7. Procedures for Responding to Complaints

   • Firms must investigate all relevant evidence.
   • Plain language should be used.
   • Timely responses are required, respecting national time limits.
   • A written explanation must be provided, including options for further redress.

Conclusion

The final guidelines aim to enhance consumer protection, promote supervisory convergence, and ensure consistent complaints-handling practices across the banking and securities sectors in the European Union (EU). They are not binding but are expected to be implemented by national competent authorities and financial institutions. The proportionality principle allows for flexible application, and the guidelines are complementary to ADR mechanisms.