Entire Section

  • GEN 9.4 GEN 9.4 Additional requirements for complaints related to Money Services

    • GEN 9.4.1

      This section applies to a complaint made by a Client against an Authorised Firm relating to the Financial Service of:

      (a) Providing Money Services; or
      (b) Arranging or Advising on Money Services.
      Derived from RMI266/2020 (Made 26th February 2020). [VER48/04-20]

    • GEN 9.4.2

      A requirement in this section does not apply in relation to a Market Counterparty, if the Market Counterparty has given prior notice in writing to the Authorised Firm that it has elected to waive the requirement.

      Derived from RMI266/2020 (Made 26th February 2020). [VER48/04-20]

    • Complaints to be resolved within 15 business days

      • GEN 9.4.3

        (1) An Authorised Firm must, except as provided in (2), advise the complainant in writing of the resolution of the Complaint and, if applicable, provide the complainant with clear terms of redress no later than 15 business days after the day on which it received the Complaint.
        (2) If the Authorised Firm cannot comply with (1) for reasons beyond its control, it must send a holding reply, clearly indicating the reasons for the delay and specifying the deadline by which the complainant will receive a full reply.
        (3) When the Authorised Firm advises the complainant of the outcome of a Complaint, it must inform the Client in writing:
        (a) that the Client may refer the matter to the independent complaints handling service referred to in GEN Rule 9.4.4 if the Client is not satisfied with the outcome;
        (b) details of the independent complaints handling scheme and how the Client may access the service; and
        (c) that the firm will pay the costs of the application fee to the scheme in the circumstances specified in GEN Rule 9.4.4 (c).
        Derived from RMI266/2020 (Made 26th February 2020). [VER48/04-20]

    • Independent complaints handling service

      • GEN 9.4.4 GEN 9.4.4

        An Authorised Firm must:
        (a) ensure that Clients have access to an independent complaints handling service that can determine Complaints where a Client is not satisfied with the outcome of the firm’s resolution of a Complaint;
        (b) ensure that the service referred to in (a) is easily accessible to its Clients; and
        (c) bear the cost of any application fee payable for the use of the service referred to in (a), unless the Complaint is found to be unsuccessful, in which case the firm may recover the cost of that fee from the Client.
        Derived from RMI266/2020 (Made 26th February 2020). [VER48/04-20]

        • GEN 9.4.4 Guidance

          An independent complaints handling service referred to in GEN Rule 9.4.4 may be a small claims tribunal provided that the tribunal has jurisdiction to hear and determine disputes of the nature covered under this section i.e. relating to money services.

          Derived from RMI266/2020 (Made 26th February 2020). [VER48/04-20]