Featured Product

    EBA Updates Guidelines on Complaints-Handling to Extend Their Scope

    July 31, 2018

    EBA published an update to the Joint Committee guidelines on complaints-handling. The update includes an extension of the scope of application of these guidelines to the authorities supervising the new institutions established under the revised Payment Service Directive (PSD2) and the Mortgage Credit Directive (MCD).

    This extension will ensure that an identical set of requirements for complaints-handling continues to apply to all financial institutions across the banking, investment, and insurance sectors. This will provide consumers with the same level of protection, irrespective of which regulated product or service they are purchasing and which regulated institution they are purchasing it from. The Joint Committee Guidelines are addressed to authorities competent in their jurisdictions for supervising complaints-handling by firms, which in the banking sector include credit institutions, payment institutions, and electronic money institutions, as defined in the Capital Requirements Directive (CRD), the PSD2, and the Electronic Money Directive (EMD), respectively. The scope of the application of the Joint Committee Guidelines will be extended as of May 01, 2019 to the authorities competent for supervising complaints-handling by:

    • Payment initiation service providers, which provide only payment initiation services
    • Account information service providers (AISPs) benefiting from an exemption under Article 33 of PSD2, which provide only account information services
    • Credit intermediaries under the MCD
    • Non-credit institution creditors under the MCD

    In case of AISPs, which provide only account information services, but no other payment services, EBA, in line with related requirements set out in the PSD2, confirmed that the guidelines will apply only to security-related complaints. EBA also clarified that all credit intermediaries should inform consumers about the procedures for submitting a complaint, although competent authorities should consider a general proportionality principle when applying guidelines to credit intermediaries that are sole traders. In relation to the specific case of credit intermediaries that are tied to, or work exclusively for, one creditor, EBA further clarified that these intermediaries can either handle complaints themselves or rely on the complaints-handling procedure of the creditor.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Complaints Handling Guidelines, CRD, PSD 2, MCD, EBA

    Related Articles
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for Third Quarter of 2020

    EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Finalizes Guide on Supervisory Approach to Bank Consolidation

    ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.

    January 12, 2021 WebPage Regulatory News
    News

    SRB Chair Outlines Work Priorities for 2021

    The SRB Chair Elke König published an article setting out work priorities for 2021.

    January 11, 2021 WebPage Regulatory News
    News

    FDIC Selects Companies to Compete in Final Phase of Tech Sprint

    FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.

    January 11, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6417