How To Complain

This section gives guidance to customers and licenceholders about the Commission’s handling of complaints. For more information please see -

Complaints about licenceholders

The Commission has published guidance for customers considering making a complaint to the Commission about a licenceholder or former licenceholder.

The Commission will only investigate a complaint if it gives rise to material regulatory issues. Such issues might include a breach (of the Financial Services Act 2008, the Financial Services Rule Book, the Collective Investment Schemes Act 2008 or AML/CFT legislation) or a matter which raises doubts about the fitness and propriety of the licenceholder or its managers.

The Isle of Man has a framework in place to address consumer issues. The Commission is only one part of the overall structure of regulation of business on the Island. Its powers in respect of complaints are limited and other routes might prove a better match to your objectives in pursuing your complaint.

This guidance sets out the options which may be available and is designed to help you to make an informed choice between them.

The Commission cannot make or recommend financial awards; complainants who are seeking financial compensation should consider the other options open to them.

The Isle of Man has provisions under the Employment Act 2006 to protect whistleblowers. The Department of Economic Development has published a guide to whistleblowing.The Commission has also published a guide to whistleblowing which can be found here.

Complaints about the Commission

Introduction

The Financial Supervision Commission (“the 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. This complaints procedure has been designed to ensure that any complaints about the Commission’s 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 the complaints procedure.

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, instead it is a means to complain about procedural matters.

How to make a complaint

If you have been directly affected by the Commission’s actions, or if you have a direct involvement or interest in the subject of the complaint, you may make a complaint. A guide to the 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 enable your complaint to be processed more quickly. If you make a verbal complaint which cannot be resolved on the spot, you will be asked 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:

E-mail: fsc@gov.im

Complaints about the actions of a financial services business that is regulated by the Commission may need to be directed to the Financial Services Ombudsman Scheme for the Isle of Man (Telephone:+44 (0)1624 686500, e-mail: ombudsman@iomoft.gov.im, or website: www.gov.im/oft/ombudsman).

If you are uncertain where to send a complaint, please refer to the website: http://www.gov.im/lib/docs/fsc//consumerbriefingcomplaints.pdf, or contact us at the above address, or telephone +44 (0)1624-689300 and speak to the Head of Supervision, to discuss the matter.

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.

The Commission endeavours to complete its investigation of a complaint within four weeks. However, if this is not possible, you will be written to within four weeks with information on the progress of the review and when the investigation is likely to be completed.

On completion of the investigation, you will be sent a report. The 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, the report will advise why. Prior to sending the 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 correctly, 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 the report sent to you following the investigation. The Review procedure is available on the Commission’s website: www.fsc.gov.im, alternatively please contact the address shown above if you would like to be sent a copy.

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.