From
time to time, the Financial Services Commission ("FSC") receives complaints
about the way regulated businesses have handled the affairs of
customers/clients. This note explains the FSC's general policy towards such
complaints, and the manner in which they are handled.
Where a person is unhappy with the services provided by a regulated
firm he or she should instigate the formal complaints procedure of that
firm. The FSC has no statutory powers to undertake the role of an ombudsman
in respect of complaints nor act as arbitrator in commercial disputes. If a
complainant remains dissatisfied and believes that(s)he has a case for being
compensated financially, this must be pursued through the Gibraltar courts.
Anyone contemplating such action should always consider taking professional
advice at an early stage.
Whilst the FSC does not conduct investigations on individual
complaints, it is useful, however, for the FSC to be made aware of
complaints against firms it supervises. The FSC's role is to ensure that a
regulated firm is being managed prudently in a fit and proper manner: any
interest which it takes in a complaint will therefore normally be confined
to ensuring that this criterion is being met. A complaint might draw
attention to more general shortcomings in a business such as inadequacy of
systems and lack of expertise in its managers or directors. Should the FSC
decide to take action against a firm, such action will not usually be made
public, and the confidentiality provisions under the relevant Acts
within which the FSC operates may preclude the FSC from making any public
statement. Indeed, the FSC is not able to tell individual complainants of
the nature and scale of its enquiries, or of the action it may, or may not,
have taken.
Those considering lodging complaints with the FSC should always bear
in mind the above limitations, but should not be deterred from informing the
FSC of their concerns. It is important that any information provided by
complainants is both accurate and complete.
The FSC welcomes any views and comments that may assist it in
satisfying its supervisory responsibilities. In addition, it is grateful for
any information about people or firms who appear to be carrying on financial
services business in, or from within, Gibraltar without the necessary
authorisation.
The Department of Consumer Affairs of the Government of Gibraltar (conaffairs@gibtelecom.net)
is able to provide assistance to individuals who wish to complain about
services or goods provided by any firm in Gibraltar.