15.2.1. General requirement

An Authorised Firm must have arrangements in place for the handling of Complaints made against it by Clients. The policies and procedures for handling Complaints must be in writing and ensure that Complaints are handled fairly, consistently and promptly.

15.2.2. Procedures available on request

An Authorised Firm must ensure that a copy of its Complaints handling procedures is available free of charge to any Client on request.

15.2.3. Proportionality

In establishing adequate Complaints handling policies and procedures, an Authorised Firm should have regard to:

• (a) the nature, scale and complexity of its business; and
• (b) its size and organisational structure.

Guidance: Period for resolving complaints

The AFSA considers 60 days from the receipt of a Complaint to be an appropriate period in which an Authorised Firm should be able to resolve most Complaints.

15.2.4. Receiving a Complaint

On receipt of a Complaint, an Authorised Firm must:

• (a) acknowledge the Complaint promptly in writing;
• (b) provide the complainant with:

(i) the contact details of any individual responsible for handling the Complaint;

(ii) details of the Authorised Firm’s Complaints handling procedures; and

(iii) a statement that a copy of the procedures is available free of charge upon request; and

• (c) investigate the Complaint.

Where appropriate, an Authorised Firm must update the complainant on the progress of the handling of the Complaint.

Guidance: Period for acknowledging complaints

The AFSA considers 7 days to be an adequate period in which an Authorised Firm should be able to acknowledge most Complaints.

The AFSA expects an update to be provided to the complainant in circumstances where the resolution of the Complaint is taking longer than 30 days.

15.2.5. Resolving a Complaint

When the Authorised Firm has completed its investigation of a Complaint, it must promptly:

• (a) advise the complainant in writing of the outcome;
• (b) provide the complainant with the proposed redress, if applicable; and
• (c) provide redress if accepted by the complainant.

If the complainant is not satisfied with the redress offered by the Authorised Firm, it must inform the complainant of other means of resolving the Complaint and provide him with the appropriate contact details upon request.

Guidance: Other means

Other means for resolving a Complaint may include arbitration or the AIFC Courts.

15.2.6. Employees handling complaints

As far as possible, an Authorised Firm must ensure that any individual handling the Complaint was not involved in the conduct of the Financial Service about which the Complaint has been made, and is able to handle the Complaint in a fair and impartial manner.

An Authorised Firm must ensure that any individual responsible for handling the Complaint has sufficient authority to resolve the Complaint or has access to individuals with the necessary authority.

15.3.1. Complaints involving other entities

If an Authorised Firm considers that another Centre Participant or any other Regulated Financial Institution is entirely or partly responsible for the subject matter of a Complaint, it may refer the Complaint, or the relevant part of it, to the other Centre Participant or any other authorised or regulated financial institution in accordance with COB 15.3.2.

15.3.2. Referral to other entities

To refer a Complaint, an Authorised Firm must:

• (a) inform the complainant promptly and in writing that it would like to refer the Complaint, and obtain the written consent of the complainant to do so;
• (b) if the complainant consents, refer the Complaint to the other Authorised Firm or Regulated Financial Institution promptly and in writing;
• (c) inform the complainant promptly and in writing that the Complaint has been referred and provide contact details; and
• (d) continue to handle any part of the Complaint not referred to the other Authorised Firm or Regulated Financial Institution.

15.4.1. General requirement

An Authorised Firm must maintain a record of all Complaints made against it for a minimum period of six years from the date of receipt of a Complaint.

15.4.2. Content of records

The record in COB 15.4.1 must contain the name of the complainant, the substance of the Complaint, a record of the Authorised Firm’s response, and any other relevant correspondence or records, and the action taken by the Authorised Firm to resolve each Complaint.