New JFSC complaints policy [24 November 2023]

The JFSC has published a new complaints policy = https://www.jerseyfsc.org/about-us/making-a-complaint/

The JFSC says:

This policy sets out how those firms we regulate can make a complaint about flaws in our work or failings in the way we behave.

1. As part of our stated commitment to continuous improvement and engagement with industry,
• We will always look to learn and improve our processes and procedures by critically reviewing and identifying how we could do better –
• As well as comparing how effectively they’re implemented in comparable jurisdictions.
2. It is common for a complaints policy in the public and private sector to be fairly informal, and that is how our policy has been drafted.
3. However, we have also sought to explain why we are adopting a particular process and how an outcome/decision has been determined.
4. Our aim is to ensure any complaints about our acts or omissions are dealt with consistently and fairly, and in a way that is understood. This includes
• Identifying what falls outside of the scope of this policy
• As well as suggesting ways for resolving an issue or disagreement without having to enter into a complaints process.
5. The new policy also sets out
• Who will deal with a particular complaint,
• The timeline for responding to and processing complaints,
• Why it may be escalated, and
• The process for appointing an investigator, if necessary.
6. Anyone wishing to make a complaint now has up to 12 months to submit it, from the date they first became aware of the act or issue which forms the basis for the complaint, unless there are exceptional circumstances.
7. And there is greater clarity in terms of the process for reviewing an appeal of the decision by a complainant dissatisfied with the initial outcome.

We hope the new policy will ensure any issues, disagreements or areas of concern are addressed quickly and efficiently, that everyone understands the process and that, ultimately, we provide a better service.

NOTE –

The policy does not deal with

• Complaints from customers or clients of regulated financial services businesses as these are matters which should addressed directly with the firm.
• Details can be found here: Making a complaint against a regulated financial services business.

• https://www.jerseyfsc.org/protecting-the-public/making-a-complaint-against-a-regulated-financial-services-business/

SOURCE

• https://www.jerseyfsc.org/news-and-events/new-jfsc-complaints-policy/