Regulatory Alerts2023-08-24
Instruction No. 50/2016 on the Procedure for Handling Complaints and/or Claims in the UMOA Regional Financial Market
The Regional Council for Public Savings and Financial Markets (CREPMF) issues this instruction to establish a standardized, three-tiered procedure for handling client complaints and claims within the UMOA regional financial market. It mandates that financial professionals, professional associations, and the Council itself adhere to strict processing timelines—ten working days for initial handling, twenty for association-level appeals, and three months for Council mediation or conciliation. Furthermore, it requires professionals to implement robust internal monitoring systems, provide free access to complaint mechanisms, and report identified malfunctions in their annual compliance reports.
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