European Institute of Management and Finance | Handling Client Complaints in the Financial Services
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Handling Client Complaints in the Financial Services

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Handling Client Complaints in the Financial Services


The handling of complaints marks out financial institutions as being concerned about their customers and keen to improve their own standards generally. MiFID II was the first general EU financial services directive to take the subject seriously and lay down, through its MiFID Org Regulations, some Europe-wide complaint rules.


Complaints are now part of the European agenda. At the same time, Cyprus’ Financial Ombudsman is a decade old and has been quietly handling complaints from across the financial regulated sectors within the country, well beyond MiFID’s requirements. Regulated financial services businesses including insurers and deposit takers are all included.


This course benefits from being delivered by the only author of major works on this subject, and who has worked on all the different sides of the complaint handling process: bringing, responding to and investigating neutrally complaints.



Training Objectives


By the end of the programme, participants should be able to:


  • Apply the MiFID Org Regulation provisions to complaints
  • Build and implement the basics of a complaints procedure and policy
  • Understand the complaints process from advance disclosure of the process to the closure of the case
  • Appreciate some of the root cause analysis techniques and their weaknesses
  • Deal with a case at the Financial Ombudsman



Training Outline



  • Materials covered from the EU and Cyprus
  • Elements of a complaints process or procedure


Tasks covered by a complaints procedure

  • Building the procedure and drafting the policy
  • Advance disclosure of how to complain and the Ombudsman
  • Identification and recording of complaints
  • Acknowledgement
  • Investigation – who, what, how and the relationship to employment discipline
  • Assessment – standards to be applied
  • Drafting the final response
  • Managing threats of litigation


The merits of complaints

  • Grounds for uphold complaints
  • Compensation
  • Interest


Root cause analysis

  • Rules
  • Identifying recurring and systemic problems
  • Root cause analysis techniques
  • Deciding what to do about a recurring or systemic problem


The Ombudsman

  • Eligible complainants
  • Time-limits
  • Initial or jurisdiction filter
  • Ombudsman procedure
  • Powers of the Ombudsman, recommendations and rejected decisions



Training Style


This programme consists of an interactive presentation of the relevant rules and good practice with questions and comments to and from the participants, interrupted by a large number of practical examples, including the drafting of relevant documents including where time permits final responses.



Who Should Attend


The programme is ideal for:


  • Complaint handlers
  • Compliance Officers and staff
  • Customer relations and customer service staff
  • Lawyers
  • Risk managers