Complaints

Complaints about Licenceholders

If you have a complaint about a licenceholder which you have not been able to resolve this may be addressed to the Commission. Please complain in writing and with your comment for us to raise the matter with the licenceholder.

Complaints about the actions of a bank or investment business that is regulated by us may need to be directed to the Financial Services Ombudsman Scheme for the Isle of Man. If you are uncertain whether your complaint falls into this category, please contact us at the above address, or telephone +44 (0)1624-689300 and speak to our Head of Supervision, to discuss the matter.

For details of the Financial Services Ombudsman Scheme please refer to www.gov.im/oft/ombudsman or contact:

The Financial Services Ombudsman Scheme for the Isle of Man

Government Buildings Lord Street

Douglas

Isle of Man

IM1 1LE

Telephone:+44 (0)1624 686500

Fax: +44 (0)1624 686504

E-mail: ombudsman@iomoft.gov.im

Complaints about the Commission

Introduction

The Financial Supervision Commission is committed to acting professionally and fairly at all times.

The Commission views complaints as an opportunity to examine potential weaknesses and to explore ways in which performance might be improved, or the role of the Commission better understood. Our complaints procedure has been designed to ensure that any complaints about our actions or omissions are handled fairly and consistently.

The complaints scheme covers any expression of dissatisfaction about the way the Commission has carried out or failed to carry out its role. The five principles of accessibility, simplicity, speed, independence and confidentiality form part of our policy.

The complaints procedure is not a method of examining legal issues, of re-considering cases upon which a decision has been made, or of querying technical issues. It is a means for customers to complain about procedural matters.

How to make a complaint

If you have been directly affected by our actions, or if you have a direct involvement or interest in the subject of the complaint, you may complain to us. A guide to our procedures for handling complaints is shown below.

If you wish to make a formal complaint, it must be made in writing, addressed to the Chief Executive and you must specify that it is a formal complaint. If you use the attached form to submit your complaint, it may help us to process your complaint more quickly.

If you make an oral complaint which cannot be resolved on the spot, we will ask you to confirm your complaint in writing if you wish it to be investigated further.

Who do I complain to?

If your complaint is about the actions or omissions of the Financial Supervision Commission you should write to:

The Chief Executive

Financial Supervision Commission

P.O. Box 58 Finch Hill House

Bucks Road

Douglas

Isle of Man

IM99 1DT

E-mail: fsc@gov.im

How will my complaint be handled?

Your complaint will be investigated by a senior member of staff, who is independent of the matter being complained about.

Complaints are acknowledged within five business days and are resolved as quickly as possible. We endeavour to complete our investigation of your complaint within four weeks. However, if this is not possible, we will write to you within four weeks to advise on the progress of our review and when we expect to complete the investigation.

On completion of our investigation, we will send you a report. Our report will advise if your complaint has been upheld and if so what steps will be taken to remedy the situation. If your complaint has been rejected, we will advise why. Prior to sending our report, the investigating manager will discuss your complaint with another independent manager, to assess whether your complaint has been investigated thoroughly and you have been treated fairly.

All complaints are treated in confidence as far as possible.

What if I feel that my complaint has not been properly addressed?

If you feel that your complaint has not been properly addressed, or has not been handled properly, you may write to the Board of the Financial Supervision Commission to seek a Review. Your request for a Review must be submitted within four weeks of the date of our report to you following our investigation. The Review procedure is available via this link, or may be requested from our offices. Complaints that are covered by the scheme:

The complainant must have a direct involvement or interest in the subject of the complaint.
The complaint should not concern a formal decision which has an independent appeal mechanism or where the appeal mechanism has not been exhausted.
The complaint must be made within twelve months of the date on which the complainant became aware of the event which is the subject of the complaint, unless the complainant can demonstrate good reason for a delay in making the complaint.
A complaint may be that the Commission has failed to make a decision.
A complaint may be about a significant mistake, lack of care, unreasonable delay, or lack of proportionality.
A complaint may be about the failure of administrative arrangements or an over-restrictive or narrow interpretation of such arrangements.
A complaint may be about the application of unfair or inappropriate remedies.
A complaint may concern breach of confidentiality.
A complaint may be about damage to property.
A complaint may be about the attitude or behaviour of a member of staff.

Complaints which fall outside these guidelines will only be investigated at the discretion of the Chief Executive

Recording of complaints

All complaints received by the Commission are recorded for internal monitoring purposes, with a summary of the outcome. A complaints report is given to the Board of the Financial Supervision Commission on a regular basis.

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