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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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