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8.1.1 Complaints Management Function

C 8/2020 STA Effective from 25/12/2020
  1. 8.1.1.1Licensed Financial Institutions must have in place a Consumer Complaint Management function situated in the UAE. A Licensed Financial Institution may combine this function with another suitable function within its organization depending on the nature, size, potential for Conflict of Interests, and complexity of the business.
  2. 8.1.1.2The Complaint Management function must be independent of management of Retail Operations and able to carry out independent review of the escalated Complaints and make its recommendations to resolve a Complaint including provision of redress.
  3. 8.1.1.3This Complaint Management function is responsible for:
    1. a.Defining the Licensed Financial Institution’s Complaint handling principles;
    2. b.Monitoring all channels for reporting Complaints;
    3. c.Defining roles and responsibilities of units involved in the Complaint process including Retail Operations, Risk, Compliance, Audit, etc.;
    4. d.Adhering to service standards for turnaround times (TAT) for each step of the Complaint process;
    5. e.Providing governance, oversight and regulatory reporting;
    6. f.Monitoring, analysis, reporting of all Complaints;
    7. g.Promoting Complaint resolution and recommending appropriate redress by the Licensed Financial Institution for harm done; and
    8. h.Escalation of Complaints to the separate Complaint Resolution Mechanism.
  4. 8.1.1.4The Complaint Management function must ensure:
    1. a.The Licensed Financial Institution’s written Complaint process and procedures are publicly available in branches and given to new Consumers with contact information including an email address and phone number for Consumers to file a Complaint. The email address and phone number must also be printed on all receipts handed over to Consumer, be present on the Licensed Financial Institution’s website and be displayed at a prominent location in the Licensed Financial Institution’s premises;
    2. b.Easy and convenient access for Consumers to file a Complaint;
    3. c.Proper processes for the registration all the Complaints received from the various channels, the classification and tracking of Complaints and the monitoring of TAT;
    4. d.Acknowledgement of the Complaints with a unique service request (SR) number. The SR number shall be used for tracking and escalating the Complaints;
    5. e.A written response is provided to the Consumer on the decision of the Licensed Financial Institution regarding the Complaint and include full and complete reasons for the decision, subject to lawful obligations;
    6. f.The Consumer is informed in Writing if there is a violation of the TAT for issuing a final decision and provide the reasons;
    7. g.The timed performance standards of the Licensed Financial Institution’s Complaint process are monitored and reported quarterly on the adequacy of the actual performance to Senior Management;
    8. h.Potential breaches of the law are reported to the Licensed Financial Institution’s Compliance function without delay; and
    9. i.The tracking and analysis of Complaint trends and issues and reporting to Senior Management on a monthly basis.