Complaints Against Licensees/Supervisees

Complaints Against Licensees/Supervisees

The Complaints Against Licensees/Supervisees Policy is below.

If you wish to lodge a complaint against a Licensee/Supervisee, please complete the online form for Complaints Against Licensees/Supervisees.

Please refer to the Complaints Policy which follows.

Complaints Policy – Complaints against Licensees / Supervisees
Policy Type: Administrative – Complaints (Commission)
Policy Number: Admin-Comp 002/22 Version: 2.0
Date Approved: 28th June 2022 Date in Operation: 1st August 2022

Statement of Objectives

This policy sets out and establishes the procedure that the Financial Services Commission (“the Commission”) will follow on receiving a complaint against a person (legal or natural) regulated/supervised by the Commission, regarding the manner in which the Licensee/Supervisee acted or failed to act in carrying out its business.

It is expected that the issue, which is the subject of the complaint, will be first brought to the attention of the Licensee/Supervisee for a resolution; a complaint may be filed with the Commission where the issue has not been satisfactorily resolved.

Limitation

The Commission’s legislative, regulatory and enforcement authority does not extend directly to addressing market conduct concerns. Accordingly, complainants should note that any proposal made by the Commission in seeking to resolve a complaint is not binding on the parties. The Commission will use good faith efforts to bring the parties together to find an acceptable solution.

Coverage and Scope

For the purposes of this policy, “complaint” means an expression of dissatisfaction with the way in which a Licensee/Supervisee, has acted or omitted to act.

A complaint includes but is not limited to :

• Mistakes reflecting a lack of care
• Unreasonable delay
• Unprofessional behaviour
• Bias and unfair behaviour,
• Misrepresentation or knowingly providing false information
• Lack of integrity
• The following types of complaints are outside of the scope of this policy:
  • Complaints against persons who are not Licensees/Supervisees of the Commission.
  • Complaints about the conduct of licensed activities without the requisite licence or general regulatory complaints; such reports should be made to the Commission via fsc@tcifsc.tc.
  • Complaints about regulatory decisions of the Commissioners.
  • Complaints seeking damages or an award of money. Legal advice should be obtained on these matters.
  • Complaints about the Commission’s relationship with its employees. All internal complaints should follow the relevant internal procedures.
  • Complaints which are older than six months from the date of the occurrence of the issue which is the subject of the complaint, or the date when the complainant became aware or ought to have been aware of the occurrence of the issue which is the subject of the complaint. (The Commission may, in extenuating circumstances, consider a complaint arising outside the limitation period).

Complaint Procedure

All complaints to the Commission shall be made in writing utilising the Complaints Submission Form. The complaint must clearly identify the person making the complaint, the connection between the person making the complaint and the complaint, and the subject matter of the complaint. The person making the complaint must have a direct interest in the subject matter of the complaint or be instructed by someone who has a direct interest in the matter.

All relevant particulars and documentation in support of the complaint should be provided, including but not limited to:

• Dates and times of events
• Details of telephone conversations and meetings

Where possible, the complainant should offer suggestions to the Commission on how the matter may be resolved.

All complaints should be delivered to the Commission at the following address:

The Managing Director
Financial Services Commission
P. O. Box 140, 930 Leeward Highway,
Venetian Road Settlement, 
Providenciales, 
Turks & Caicos Islands, BWI.
Tel: (649) 946 - 5314 / (649) 941 - 8311 

Subject: Complaints Policy Submission
Or emailed to: complaints@tcifsc.tc.
Emails should be marked as its subject: Complaint Policy Submission
 

By submitting a complaint to the Commission, the complainant is consenting to the Commission sharing and/or discussing the contents of the complaint with relevant parties, including the person that is the subject of the complaint, in furtherance of investigating/resolving the complaint.

Processing of Complaints

Upon receipt of a complaint, the complaint will be recorded in the complaints register held by the Legal Unit and assigned a unique reference number.

The complaint will be acknowledged within seven working days of receipt. The acknowledgement will provide the unique reference number, an estimated time for further response(s), and a caution that the acceptance of the complaint is not an indictment against the Licensee/Supervisee.

The goal is to conclude the review of the complaint within 45 days of acknowledgement of receipt of the complaint. If at the end of the 45-day period the matter remains pending, an update on the complaint and the estimated time for a further response will be provided.

Following the acknowledgement of receipt, the complaint will be forwarded to the relevant department for review and copied to the Managing Director for information. The review by the department will include inter alia communication with the subject of the complaint and further/additional investigation.

In processing and investigating a complaint, the Commission will be guided by the duty to:

• Be transparent and ensure full accountability
• Act without bias, prejudice, or partiality
• Effectively communicate findings

Upon conclusion of the review, the department will provide the Managing Director with a report on the findings with recommendations. The review can conclude that the complaint was not valid and that no further action should be taken.

Where the Commission requires additional time beyond the 45-day period, that will be communicated to the complainant along with an update on the status of the complaint.

The Managing Director will make a final decision on the complaint. The Legal Unit shall advise the complainant of the Managing Director’s decision on the complaint.

In providing a final response, the Legal Unit will state:

• That the Commission finds the complaint to be valid and its proposal for resolving the matter; or
• That the Commission does not find the complaint to be valid and that the Commission intends to take no further action on the matter.

The Commission may find that a complaint is invalid where:

• Incomplete or inaccurate contact details have been provided
• The complaint is deemed trivial
• Insufficient information was provided to allow for an assessment
• The complaint is too dated to be effectively investigated

If a complainant is dissatisfied with the way the complaint was addressed by the Commission, the complainant may seek legal advice on the way forward.

Reporting

A bi-annual report will be submitted to the Board of Commissioners with details on the number, nature, and status of complaints received during the period under review.

Record Retention

The Commission will retain a record, including copies of all relevant documentation relating to a complaint for a period of two years from the date of the complaint.