The European Securities and Marketing Authority (ESMA) and the European Banking Authority (EBA) have published a Joint Committee report setting out their final guidelines for complaints handling in the securities and banking sectors.
The guidelines are based on existing complaints-handling guidelines established by the European Insurance and Occupational Pensions Authority (EIOPA). They are intended to ensure a consistent approach to the handling of complaints across all EU member states and financial services sectors so as to limit costs to firms and to more easily facilitate common supervisory oversight. The single set of complaints-handling arrangements is designed to ensure the same approach is adopted with regards to complaints handling regardless of the type of product purchased or the location of purchase. It is expected that the guidelines will allow firms to streamline and standardise their own complaints-handling arrangements.