Effective and transparent procedures for the reasonable and prompt handling of complaints must be established, implemented and maintained by:
Unitholders are allowed to file complaints in any of the official languages of the Home State of the UCITS scheme or EEA UCITS scheme or of any EEA State to which a notification has been transmitted by the competent authority of the scheme's Home State in accordance with article 93 of the UCITS Directive.
[Note: article 15 of the UCITS Directive]
414These procedures should, taking into account the nature, scale and complexity of the respondent's business, ensure that lessons learned as a result of determinations by the Ombudsman are effectively applied in future complaint handling, for example by:
analysing any patterns in determinations by the Ombudsman concerning complaints received by the respondent and using this in training and development of the individuals dealing with complaints in the respondent; and
In respect of complaints that do not relate to MiFID business, a respondent must put in place appropriate management controls and take reasonable steps to ensure that in handling complaints it identifies and remedies any recurring or systemic problems, for example, by:1
considering whether such root causes may also affect other processes or products, including those not directly complained of; and
correcting, where reasonable to do so, such root causes.
4The processes that a firm should have in place in order to comply with DISP 1.3.3 R may include, taking into account the nature, scale and complexity of the firm's business including, in particular, the number of complaints the firm receives:
the collection of management information on the causes of complaints and the products and services complaints relate to, including information about complaints that are resolved by the firm by close of business on the business day following its receipt;
a process to prioritise dealing with the root causes of complaints;
a process to consider whether the root causes identified may affect other processes or products (DISP 1.3.3 R (2));
a process for deciding whether root causes discovered should be corrected and how this should be done (DISP 1.3.3 R (3));
regular reporting to the senior personnel where information on recurring or systemic problems may be needed for them to play their part in identifying, measuring, managing and controlling risks of regulatory concern; and
In respect of complaints that relate to MiFID business, a firm should put in place appropriate management controls and take reasonable steps, in the same way as for complaints that do not relate to MiFID business (see DISP 1.3.3 R and DISP 1.3.3B G), in order to detect and minimise any risk of compliance failures (SYSC 6.1) and to comply with Principle 6 (Customers' interests).44
4Where a firm identifies (from its complaints or otherwise) recurring or systemic problems in its provision of, or failure to provide, a financial service, it should (in accordance with Principle 6 (Customers' interests) and to the extent that it applies) consider whether it ought to act with regard to the position of customers who may have suffered detriment from, or been potentially disadvantaged by, such problems but who have not complained and, if so, take appropriate and proportionate measures to ensure that those customers are given appropriate redress or a proper opportunity to obtain it. In particular, the firm should:
4Firms are not required to notify the name of the individual to the FSA or the Financial Ombudsman Service but would be expected to do so promptly on request. There is no bar on a firm appointing different individuals to have the responsibility at different times where this is to accommodate part-time or flexible working.