MFSA Circular On Customer Protection And Complaints Handling Processes

On 25 March 2020, MFSA issued a circular reminding firms of its expectations of the measures that they should have in place regarding complaints handling.

All firms need to ensure that:

• they have a customer communication strategy and plan which will kick in in the event of serious disruption to its business, products or services. This should be one of the elements covered in the business continuity plan of each licensed firm;
• they will be constantly monitoring, evaluating and mitigating the risks to which they are exposed;
• they engage proactively with the Authority if they fear a significant risk of disruption which could potentially have an adverse effect on consumers. All relevant information should be communicated to the Authority at the earliest opportunity;