2023 Complaints Handling Survey Review (2024-03-13)

Summary

This is a Supervisory Information Circular issued by the Cayman Islands Monetary Authority (CIMA) on 13 March 2024, reporting the results of a 2023 Complaints Handling Survey conducted among seven deposit-taking institutions. The survey assessed how these institutions manage customer complaints, and CIMA found that most demonstrated effective practices overall, while identifying areas for improvement, particularly around board involvement in complaints oversight and communication procedures with complainants.

• Nature of the circular: It does not impose new binding rules.
• Encouragement to regulated entities: Regulated entities, particularly deposit-taking institutions/banks, are encouraged to review the survey's findings and voluntarily incorporate recommended enhancements into their own complaints management frameworks.
• Existing compliance obligations: The circular notes the general need to ensure compliance with existing/revised regulatory requirements on complaints handling.
• Contact point: Entities with questions are directed to contact CIMA's Banking Supervision Division.

Overall, this is an informational circular summarizing survey outcomes and offering guidance/encouragement rather than creating new enforceable obligations or deadlines.

Applies to

deposit-taking institutions, banks