Guidelines on “Principles of handling complaints by financial institutions”

June 21, 2011

PFSA Regulation from May, 10 2011, No 116/11 in accordance to Art. 2 and Art. 4 point 1.2 of the Act from July 21, 2006 on supervision of financial market (Journal of Laws No. 157, item 1119 with amendments)

- no vacatio legis

January, 18 2016

§ 3 regulation No 192/2015 from May 26, 2015 (Journal of Laws of PFSA, item 32 from June 18, 2015 r.)

- 6 months vacatio legis

Rules regarding the process of handling complaints by financial institutions

January 18, 2016

Regulation PFSA no. 192/2015 from May 26, 2015 (Journal of Laws of PFSA of 2015, item 32, from May 18, 2015) in accordance to Art. 11 point 1 and Art. 2 oraz Art. 4 point 1.2 of the Act of July 21, 2006 on supervision of financial market (Journal of Laws of 2015, item 614)

December 30, 2015

Regulation PFSA no. 626/2015 from November 17, 2015 (Journal of Laws of PFSA of 2015 r., item 64 from December 29, 2015)

- brak vacatio legis

Definition of „claim”, „complaint”

Claim - any occurrence addressed to a financial institution by its client, who is a consumer, referring to its reservations regarding services provided by a financial institution or its activities.

Complaint - every occurrence of the client, including a complaint, addressed to a financial institution referring to reservations regarding services provided by a financial institution or activities performed by that institution, supervised by the Polish Financial Supervision Authority.

Claim - an instance addressed to a financial market entity by its client, in which the client raises objections regarding services provided by a financial market entity.

Subjective range

Client of a financial institution who is a consumer.

Client - any entity submitting or intending to file a complaint, both individual and institutional, both those who use or use the services of a financial institution, applied for the provision of such services or was a recipient of the marketing offer of the institution.

Client:

a) being a natural person of the policyholder, insured, beneficiary or beneficiary of the insurance contract,

b) a natural person seeking claims based on the provisions of the Act of May 22, 2003 on compulsory insurance, Insurance Guarantee Fund and the Polish Motor Insurers’ Bureau from UFG or PBUK,

c) a member of a pension fund or an authorized person within the meaning of the Act of 28 August 1997 on the organization and functioning of pension funds, participant in an occupational pension scheme or an authorized person within the meaning of the Act of 20 April 2004 on employee pension schemes, a saver or a person entitled within the meaning of the Act of 20 April 2004 on individual retirement accounts and individual retirement pension accounts, a person receiving a capital pension within the meaning of the Act of November 21, 2008 on Capital Retirement,

d) a bank customer, a member of a savings and credit union, a payment institution customer, a payment service client, a customer of an electronic money institution, a customer of a branch of a foreign electronic money institution, a client of a credit institution, a client of a financial institution, a participant of an investment fund, a client of the company investment and the client of the lending institution.

Obliged entity

Financial institution (lack of definition)

Financial institution - an entity providing financial services subject to the supervision of the Polish Financial Supervision Authority.

Financial market entity:

a) a payment institution, a payment services office, an electronic money institution and a branch of a foreign electronic money institution within the meaning of the Act of August 19, 2011 on Payment Services (Journal of Laws of 2014, item 873 and 1916),

b) domestic bank, foreign bank, foreign bank branch, credit institution branch and financial institution within the meaning of the Act of August 29, 1997 - Banking Law (Journal of Laws of 2015, item 128, as amended),

c) an investment fund company and an investment fund within the meaning of the Act of May 27, 2004 on investment funds (Journal of Laws of 2014, item 157, as amended),

d) cooperative savings and credit union within the meaning of the Act of November 5, 2009 on cooperative savings and credit unions (Journal of Laws of 2013, item 1450, as amended),

e) an investment firm within the meaning of the Act of July 29, 2005 on Trading in Financial Instruments (Journal of Laws of 2014, item 94, as amended),

f) a domestic insurance undertaking, a foreign insurance undertaking, a main branch and a branch within the meaning of the Act of September 11, 2015 on insurance and reinsurance activity (Journal of Laws, item 1844),

g) a pension fund and pension society within the meaning of the Act of August 28, 1997 on the organization and functioning of pension funds,

h) lending institution - an entity that is a lender within the meaning of the Act of May 12, 2011 on consumer credit (Journal of Laws of 2014, item 1497, 1585 and 1662),

i) Insurance Guarantee Fund and Polish Office of Motor Insurers.

General obligations

The financial institution should provide the client with the possibility of submitting a complaint in a way that does not create unnecessary barriers. The process of dealing with complaints by a financial institution should be carried out without delay, and should be characterized by reliability, insight, objectivity and respect of generally applicable laws and good manners.

The financial institution should provide the client with the opportunity to submit a complaint in a manner that does not impose undue hardship. The process of reviewing a complaint by a financial institution should be taken immediately after receiving a complaint and carried out reliably, carefully and in a timely manner, with objectivity and with respect for generally applicable laws and good manners.

None

Claim formalities

None

In writing. Determined, adopted and implemented and monitored by the governing body of a financial institution.

None

Internal register of complaints

None. The financial institution should adequately take into account applicable law, record and store complaints, so that it is possible to reproduce (read or listen to) its content and the content of the answer given to the complaint. In the case of oral complaints realized by financial institutions immediately, the obligation to register them exists only at the request of the client.

Conducted in a reliable manner; taking into account applicable laws and ensuring an adequate level of security of data collected and processed.

The financial institution should properly take into account the applicable legal provisions, keep the documentation regarding the complaint in order to be able to reproduce (read or listen to) its full content and the full content of the response to the complaint. The documentation storage period should be 5 years.

None

Obligation to inform about the possibility of lodging a complaint or complaint

Information concerning the possibility of a customer submitting a complaint to a financial institution should:

- be passed on to the client at the stage of concluding the contract in writing

It is advisable that the information be:

a) published on the website of a financial institution,

b) at the client’s request, also directly transferred by an employee of a financial institution.

The information should include the following indications relating to the procedure for submitting and considering complaints:

a) the acceptable form of lodging a complaint (eg fax, e-mail, telephone, a form posted on the website),

b) place of lodging a complaint,

c) the deadline for replying to a complaint,

d) the manner of notification about the consideration of the complaint.

The information should also include:

a) an indication that the financial institution is subject to the supervision of the Polish Financial Supervision Authority,

b) in the case of consumers, an instruction on the possibility of requesting help from the Municipal and Poviat Consumer Ombudsmen and the Insurance Ombudsman (concerns the pension and insurance market),

c) instruction on the possibility of an amicable settlement of the dispute, if the financial institution provides for the possibility of such a solution.

Information concerning the possibility of a client submitting a complaint to a financial institution should:

- be passed on to the client at the stage of concluding the contract in the form in which the contract is concluded or in writing, and indicate how detailed information is provided

- be published in an easily accessible form (eg in brochures, regulations, standard forms or financial documents used by a financial institution) and made available through the website and in organizational units of a financial institution providing customer service.

The information should be current, precise and formulated in a comprehensible way and include in particular: 1) financial complaint form accepted by the financial institution: written (eg letter, fax, e-mail, form available on the website enabling filing of an application by electronic means) or verbal (eg telephone notification, direct contact with a representative of a financial institution); 2) indication of contact details enabling filing a complaint in accordance with the forms adopted by a financial institution; 3) the scope of contact details that should be provided by the client in order to efficiently conduct the complaint handling process in the event that the financial institution does not have such data; 4) the manner of confirming the impact of the complaint; 5) deadline for replying to the complaint; 6) the manner of notification of the complaint’s consideration, including the form of the response and the method of its delivery.

The information should additionally indicate: 1) that the financial institution is subject to the supervision of the Polish Financial Supervision Authority; 2) the form of out-of-court resolution of any disputes accepted by the financial institution, if the financial institution provides for such a possibility.

The information should also indicate that filing a complaint immediately after the client has made a complaint will facilitate and accelerate a thorough review of the complaint by the financial institution, unless this circumstance does not affect the way of proceeding with the complaint.

- In writing and in at least one other form (fax, e-mail, electronic form on the website, orally or by phone).

- At the head office, in any organizational unit of a financial institution dealing with customer service or in the unit of the entity responsible for handling the complaint based on the contract concluded with the financial institution.

- Directly or via postal operator, courier or messenger.

- Also by a proxy holding a power of attorney granted in ordinary written form.

The financial market entity inserts in the agreement with the client the following information regarding the procedure for submitting and considering complaints:

1) place and form of lodging a complaint;

2) the date of consideration of the complaint;

3) the method of notification about consideration of the complaint.

With regard to clients who have not concluded an agreement with a financial market entity, the information referred to in para. 1, should be delivered within 7 days from the day on which the customer’s claims against the financial market entity were filed.

- no written requirement

- no additional rigors as to the content and quality of information.

Form of submission (complaint/ claim)

- In written or other form indicated in the information document provided to the client.

- At the head office, in every organizational unit of a financial institution dealing with customer service or unit of the entity responsible for handling complaints on the basis of an agreement concluded with a financial institution.

- By mail, messenger or in person.

- Also by a proxy holding a power of attorney with a simple written form.

In the case of lodging a complaint in a way other than by post or courier, the financial institution should, at the client’s request, provide him with confirmation of making a complaint in the mode agreed with him.

- In writing and in at least one other form (fax, e-mail, electronic form on the website, orally or by phone).

- At the head office, in any organizational unit of a financial institution dealing with customer service or in the unit of the entity responsible for handling the complaint based on the contract concluded with the financial institution.

- Directly or via postal operator, courier or messenger.

- Also by a proxy holding a power of attorney granted in ordinary written form.

At the request of the client, the financial institution should confirm in writing or otherwise agreed with the client the fact that he lodges a complaint.

- In writing - in person, in the entity of the financial market entity servicing clients, or by post within the meaning of art. 3 point 21 of the Act of November 23, 2012 - Postal Law (Journal of Laws of 2012, item 1529);

- Oral - by phone or in person to the record during the client’s visit to the customer service unit;

- In electronic form with the use of electronic communication means, provided such funds have been designated by the financial market entity for this purpose.

A complaint may be filed with each unit of a financial market entity servicing clients.

Limitations

The financial institution should not impose restrictions on the deadline for submitting complaints in a manner different from those provided for by applicable law. At the same time it is justifiable for the financial institution to indicate to the customer the necessity to submit a complaint immediately after obtaining information about the existence of circumstances raising concerns, in order to allow a reliable consideration of the complaint. Lodging a complaint by a client in each organizational unit of a financial institution should be tantamount to submitting at its headquarters as to the beginning of the period for considering the complaint.

A financial institution may not impose restrictions on the time limit for submitting a complaint, unless such a restriction would result from the applicable provisions of law.

The deadline for the complaint to be dealt with by the financial institution begins from the day after the day the complaint is received by the financial institution or entity responsible for dealing with the complaint under an agreement with the financial institution.

None

Sposób rozpatrzenia

Claim should be considered in a manner that ensures issuing an independent and objective solution to the problem contained in the submitted complaint.

A complaint submitted to a financial institution should be considered in a reliable, insightful and timely manner, after analyzing all information and documents provided in the complaint, as well as information and documents held by a financial institution and, if necessary, information and documents held by others. entities. The complaint handling process should be organized in such a way as to ensure that the allegations raised in the complaint are objectively resolved.

Lack of particular guidelines

Response

Response to the complaint should be:

- provided in a written form or in another form agreed with the client;

- given without undue delay, however not later than within 30 days from the date of receipt of the complaint. In the event of a justified failure to respond within time, the financial institution should: 1) explain the reasons for the delay, 2) indicate the circumstances that must be determined, 3) indicate the expected date of reply, which cannot be longer than 90 days from the date of receipt of the complaint.

- made using a font size of at least 10, and at the client’s justified request - using a large font, the so-called large print.

Response to the client’s complaint should be:

- provided in writing, unless another form of reply has been agreed with the client.

- given without undue delay, but no later than within 30 days from the date of receipt of the complaint. In case of a justified inability to reply within this period, the financial institution is obliged to; 1) explain the reasons for the inability to meet the deadline; 2) indicate the circumstances that must be determined; 3) indicate the expected date of reply, no longer however than 90 days from the date of receipt of the complaint.

- entirely made using a font, the legibility of which corresponds to the readability of the Times New Roman font, 12 points, and on the justified request of the client using a larger font.

Response should be provided:

- in paper form or by means of another durable medium of information. A financial market entity can provide a response by email only at the customer’s request.

- without unnecessary delay, however not later than within 30 days from the date of receipt of the complaint. To meet the deadline, it is enough to send a response before its expiry. In particularly complicated cases, which make it impossible to consider a complaint and respond in a timely manner, a financial market entity: 1) explains the reason for the delay; 2) indicates the circumstances that must be determined for consideration of the case; 3) specifies the expected date of considering the complaint and providing the answer, which may not exceed 60 days from the date of receipt of the complaint.

In the event of failure to meet the deadline, the complaint shall be deemed considered in accordance with the will of the client.

Response content

The content of the response should include in particular:

a) factual and legal justification, unless the nature of the charges raised does not so require,

b) comprehensive information on the reported problem with indication of the relevant parts of the contract or contract template and relevant legal provisions, unless the nature of the charges raised does not require it,

c) an indication of the person providing the answer with the indication of his / her official position.

If the customer’s claims are not taken into account, the content of the reply shall also contain an instruction indicating:

a) the possibility and manner of a possible appeal against the position contained in the response to the complaint, if the institution provides for an appeal procedure,

b) the possibility of using the institution of mediation or arbitral tribunal or other mechanism of amicable settlement of disputes, if the financial institution provides for such a possibility,

c) the possibility of bringing an action to a common court.

The response to the complaint should be provided in an accessible and understandable way and contain in particular: 1) information about the result of the complaint; 2) in the event of non-consideration of the client’s complaint in any scope, factual and legal justification, unless the nature of the charges raised does not require it; 3) an indication of the person providing the answer with the indication of his / her official position.

The response to a consumer complaint should include comprehensive information about the problem reported, indicating the relevant provisions of the contract and applicable legal provisions, and if possible with the citation of their wording, unless the nature of the charges raised does not require it.

If the client’s complaint is not taken into account, the answer should also include an instruction indicating: 1) the possibility and manner of appeal against the position included in the defense if the institution provides for an appeal procedure; 2) the possibility of using mediation, arbitration or other forms of out-of-court dispute resolution accepted by a financial institution, if the financial institution provides for such a possibility, together with an indication of whether the institution agrees to such proceedings in a given case.

If the financial institution does not provide for the possibility of out-of-court resolution of the dispute with the client referred to in paragraph 3, and internal appeal procedures have been exhausted, the institution should indicate to each client the possibility of bringing an action to the common court, and in the case of customers who are consumers also the opportunity to ask for help to the appropriate Ombudsman.

The answer should contain in particular: 1) factual and legal justification, unless the complaint was considered in accordance with the will of the client; 2) comprehensive information on the position of the financial market entity regarding the objections addressed, including the indication of relevant parts of the contract template or contract; 3) name and surname of the person providing the answer with the indication of his / her position; 4) specification of the date on which the claim raised in the complaint considered in accordance with the will of the client will be realized, no longer than 30 days from the date of the reply.

If the claims arising from the client’s complaint are not taken into account, the content of the reply should also include an instruction on the possibility of: 1) appealing from the position included in the reply, if the financial market entity provides for the appeal mode, and the manner of filing this appeal; 2) use the institution of mediation or arbitration court, or other mechanism of amicable settlement of disputes, if the subject of the financial market provides for such a possibility; 3) submit a request to consider the matter to the Financial Ombudsman; 4) bring an action to a common court with an indication of the entity that should be sued and the court locally competent to hear the case

Internal
follow-up

None

The financial institution should analyze the data related to the handling of complaints in order to ensure:

1) identification of systemic irregularities or systemic irregularities, as well as potential legal and operational risk;

2) identification of the causes of irregularities indicated in the submitted complaints, in particular resulting from the organization of the financial institution and the procedures in force therein, as well as from the design of the products offered;

3) conducting a current analysis of the impact of identified causes of irregularities on other processes or products, including those for which the financial institution did not receive direct complaints;

4) identification of potential and actual conflicts of interest;

5) removing the causes of identified irregularities and conflicts of interest, including in the scope of product construction;

6) provide the competent authorities with information regarding complaints, their consideration and follow-up actions, including in particular reports, in accordance with applicable law.

The financial market entity annually, within 45 days from the end of the calendar year, provides the Ombudsman with a report on the complaint consideration and the number of clients’ instances of client litigation as a result of not considering the complaint according to the wishes of those clients, including:

1) the number of complaints;

2) recognized and unaccounted claims resulting from submitted complaints;

3) information on the value of claims filed in lawsuits and amounts awarded by valid court decisions to clients in the reporting period.