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CIFO/JFSC/FIU discussion panel on complaints handling good practices.

20/06/2024

Further to the update below about the “complaint” event on 18th June [see additional info below], I can offer an update as follows.

The Jersey CIFO, JFSC, and FIU participated in a discussion panel on “complaints handling good practices” and included the following topics.

  • JFSC = BANKING and compliant handling dear CEO letter and good practice
  • JFSC = INVESTMENT BUSINESS - Suitability of advice and vulnerable persons (VPs), Issues regarding Suitability historically, what does Suitability mean, and is it for everyone? What does “good” advice look like? Thematic on Suitability
  • FIU = “TIPPING OFF” and sharing information with the Channel Islands Financial Ombudsman (CIFO).
  • CIFO = Good Practices for Complaints Handling in the BANKING AND INVESTMENT SECTORS

As you will see, the event focused primarily on the BANKING AND INVESTMENT SECTORS. Although the FIU topic has some interest for MLRO/DMLROs as tipping off as a topic and risk is highly relevant.

Comsure has attached the slides (click here) if you want to review what was presented and discussed.

Additional information

On the 18th of June, Jersey Finance hosted an event on the topic of ‘Complaints Handling Good Practices’ with a panel that includes:-

  • The Channel Islands Financial Ombudsman (CIFO),
  • The Jersey Financial Services Commission (JFSC) and
  • The Jersey Financial Intelligence Unit (FIU),

Speakers & Moderator:

  • Moderator:
    • Lisa Springate, Head of Legal & Technical, Jersey Finance
  • Carol Bisson
    • –Jersey Financial Services Commission (JFSC) Senior Manager in Banking -Banking –Best Practice, Emerging Trends and JFSC work in this area
  • Rachael Chinery
    • -JFSC Senior Manager in Investment and Insurance Business -Investments –Suitability of Advice and JFSC work in this area
  • Michael Fitzgerald
    • –Financial Intelligence Unit (FIU) FIU Team Leader -The Financial Intelligence Unit and SARs
  • CIFO
    • -Good Practices for Complaints Handling in the Banking and Investment Sectors

Attendees had the opportunity to discuss good practices with the panel and gain valuable knowledge on complaint handling good practices.

SOURCES

JERSEY YOUTUBE-IMAGE

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.