The International Financial Services Centres Authority (IFSCA) on August 30, 2024, issued a consultation paper on the Draft Complaint Handling and Grievance Redressal circular.
The following has been stated: -
•The objective of this paper is to seek comments from the public and other stakeholders on the draft regulatory framework for complaint handling and grievance redressal by the entities regulated by IFSCA.
•The purpose of the proposed framework/ circular on “Complaint Handling and Grievance Redressal” is to specify the mechanism for handling complaints of consumers by the regulated entities in the IFSC with the objective that the interests of the financial consumers are protected.
•The proposed framework is based on standards laid down by global standard-setting bodies in the financial markets and best practices followed in other international jurisdictions.
•A regulated Entity may choose to develop an online system for handling complaints depending upon the nature, scale, and complexity of its business along with its size and organizational structure
•The compliance officer of a Regulated Entity shall be responsible for handling and disposal of complaints in accordance with the regulatory requirements specified by IFSCA.
•The comments may be sent by September 20, 2024.
The detailed circular is given in the document below.
