If you feel you have a valid complaint against an entity regulated by FSC, you should first raise the matter with the entity. This will give them the opportunity to address your issue(s). Each entity regulated by the FSC is required to have a procedure to deal with complaints.
In order to preserve the record of your complaint, it is highly recommended that you put your complaint in writing and record the names of everyone with whom you dealt with regarding the matter, at the registered financial institution.
If the matter is not resolved to your satisfaction by the registered entity or if you have not received a response within a reasonable timeframe, you may raise the issue with the FSC. Where the company has made a decision, you should request a letter from the company outlining their final position, regarding the matter.
Filing the Complaint with the FSC
Your complaint to the FSC MUST be made in writing and must include the following information:
- The name of the regulated entity and/or person against which/whom you are filing the complaint
- Complete the details of your complaint – If your complaint is due to your disagreement with the company’s position, you should state the reason(s) for your disagreement
- Copies of all relevant correspondence or documents relating to the matter, if available
- Your full name, mailing address and a contact number where you can be reached (If someone else will be acting on your behalf, please provide this information of the person)
If you engaged the services of an attorney he/she may also write on your behalf. Additionally, if you are writing on behalf of someone else, please include a letter signed by that person authorizing you to act for him/her. If it is not possible to obtain such authorization then explain the circumstances to us in writing.
File your complaint by completing the relevant sector’s Complaint Form, as provided, and submit same either:
(1) physically to: Complaints Coordinator, Financial Services Commission, 39-43 Barbados Avenue, Kingston 5; or
(2) electronically: either via e-mail: firstname.lastname@example.org. or via the online submission platform located on our website.
How the FSC will handle your complaint?
- Generally, the FSC will acknowledge your written complaint within five working days of receipt of the written letter.
- Your complaints will be investigated normally within ninety (90) days of receipt of all the relevant information necessary to advance the investigative process.
- Your complaint will be handled in the strictest confidence. However, in order to address the issue raised, we will have to disclose relevant details to the regulated entity (or person) against which/whom you complained (unless otherwise specified).
- As soon as our review is completed, we will write to you outlining our findings as well as any redress available to you.
- Please note that if your complaint raises regulatory or prudential concerns, we may take action against a regulated entity (or person). However, we are limited by law in what we can share with you as it relates to the regulatory action(s) or investigation(s) relating to a particular entity.