Guidelines for Complaints Handling in Banking, Finance, Insurance and Securities Activities

FINANSSTILSYNET Postboks 1187 Sentrum 0107 Oslo Circular Guidelines for complaints handling in banking, finance, insurance and securities activities CIRCULAR: 4/2019 DATE: 09.04.2019 THE CIRCULAR APPLIES TO: Banks Financing companies Credit institutions E-money institutions Payment institutions Disclosure agents Insurance companies Insurance intermediaries Securities companies Fund management companies for securities funds External managers of alternative investment funds providing investment services Norwegian branches from other EEA states of the companies in this list

Guidelines for complaints handling in banking, finance, insurance and securities activities 2 | Finanstilsynet This circular replaces circular 12/2014 Guidelines for complaints handling in banking, finance, insurance and securities activities. I. The guidelines apply to these activities a) Banks b) Financing companies c) Credit institutions d) E-money institutions e) Payment institutions f) Disclosure agents g) Insurance companies h) Insurance intermediaries i) Securities companies j) Fund management companies for securities funds k) External managers of alternative investment funds providing investment services l) Loan and credit intermediaries m) Norwegian branches from other EEA states of companies mentioned in points a) – l) II. Purpose The purpose of the guidelines is to contribute to adequate consumer protection. To ensure this, the guidelines set: a) clear requirements for the companies' organization of complaints handling b) requirements for guidance to complainants c) requirements for procedures to respond to the person complaining d) requirements for the companies to harmonize complaints handling The guidelines are in accordance with the guidelines for complaints handling for companies set in the EU. See links to the various EU guidelines in chapter V. III. Guidelines for complaints handling

1. The management of the company shall establish written procedures for complaints handling in the company, and the management is responsible for following up the procedures. The complaints handling procedures shall be made known to the employees in the company.
2. The company's complaints handling procedures shall ensure that all complaints are investigated thoroughly and that any conflicts of interest are identified and limited.
3. All complaints shall be registered in a separate register at the company.

Guidelines for complaints handling in banking, finance, insurance and securities activities Finanstilsynet | 3 4. The companies shall report the number of complaints and decisions to Finanstilsynet each year. The complaints shall be categorized in accordance with the reporting requirements set for the different types of companies. See description of the reporting requirements in chapter IV. 5. The company shall continuously analyze the information received in the complaints to uncover whether the cause of the complaints relates to systematic or fundamental problems at the company. 6. Upon request, the company shall provide the complainant with written information about the company's complaints handling procedures, with information on how to complain. The company shall provide the complainant with written confirmation that a complaint has been received. The confirmation shall inform about the expected processing time and about the access to have a complaint handled by a complaints board. 7. The complaints handling procedures shall be publicly accessible. 8. In the handling of the complaint, the company must: a) Gather all relevant information and make a comprehensive assessment of the complaint. b) Communicate with the complainant in clear and understandable language. c) Respond to the complaint without undue delay. If the company cannot give a response within the expected processing time, the company shall inform the complainant of the reason for this and when the case is expected to be concluded. d) Decisions that do not give the complainant full approval shall be justified in writing and give the complainant information about the possibility of bringing the case to the approved out-of-court dispute resolution scheme that the company is a member of. IV. Reporting Insurance companies For insurance companies, reporting of complaints has been established on a separate form in Altinn. This is forwarded without changes. Insurance intermediaries Insurance intermediaries shall, upon request, be able to provide Finanstilsynet with information about the number of complaints and complaints handling. The information should be able to say something about the cause of the complaint, the complainant, the date when the complaints were received and final processing, insurance type and result/decision. Other companies covered by this circular The companies shall report annually on customer complaints on a form established by Finanstilsynet. For further explanation of what constitutes a customer complaint, see the guidelines from the European supervisory authorities for banks and securities markets, EBA and ESMA. See link in chapter V. The reporting shall include, among other things, the number of complaints received, the result of the complaints handling and cases for handling by the complaints bodies. The Altinn form will be available in the message box to the companies in Altinn well before the reporting deadline for complaints in 2019. The deadline for the next reporting is 31 January 2020.

Guidelines for complaints handling in banking, finance, insurance and securities activities 4 | Finanstilsynet V. Links to EU legislation The guidelines in this circular shall be considered to be in accordance with the guidelines for complaints handling for the different types of companies given by the European supervisory authorities EBA, ESMA and EIOPA. Below are links to the various guidelines. Insurance companies At the European insurance and occupational pensions authority (EIOPA): EIOPA-BoS-12/069 – 14 June 2012 "Guidelines on Complaints-Handling by Insurance Undertakings" https://eiopa.europa.eu/Publications/Guidelines/EIOPA_Complaints_Handling_GL_EN.PDF# search=EIOPA%20complaints%20handling%20gl Complaints handling in small companies EIOPA-BoS-12/091 – 28 September 2012 "One-Minute Guide – EIOPA Guidelines on Complaints-Handling by Insurance Undertakings" https://eiopa.europa.eu/Publications/Guidelines/EIOPA-BoS-12- 091_One_Minute_Guide_on_Complaints_Handling_by_Insurance_Undertakings.pdf Insurance intermediaries At the European insurance and occupational pensions authority (EIOPA): EIOPA-BoS-13/164 – 27 November 2013 "Guidelines on complaints-handling by insurance intermediaries" https://eiopa.europa.eu/Publications/Guidelines/GLs_Complaints_Handling_IIntermediaries_ Original_EN.pdf#search=GLs%20Complaints%20Handling%20IIntermediaries%20Original %20EN Complaints handling in small companies: EIOPA-BoS-14/043 – 27 March 2014 "One-Minute Guide – EIOPA Guidelines on Complaints-Handling by Insurance Intermediaries" https://eiopa.europa.eu/Publications/Reports/EIOPA-BoS-14- 043_One_Minute_Guide_on_Complaints_Handling_by_Insurance_Intermediaries.pdf EIOPA-BoS-13/171 – 27 November 2013 "Report on Best Practices by Insurance Intermediaries in handling complaints": https://eiopa.europa.eu/Publications/Guidelines/EIOPA-BoS-13-171_Best-Practices-Report on-complaints-handling-by-Insurance-Intermediaries.pdf

Guidelines for complaints handling in banking, finance, insurance and securities activities Finanstilsynet | 5 Other companies covered by this circular Joint guidelines from the European securities and markets authority (ESMA), the European banking authority (EBA) and the European insurance and occupational pensions authority (EIOPA): 04/10/2018 – JC 2018 35 "Guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors": https://eba.europa.eu/documents/10180/2381463/Joint+Committee+Guidelines+on+complaint s-handling+%28JC+2018+35%29_EN.pdf/cd6e3328-7442-4582-8b68-819346d200ec

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