IFSCA has issued the Circular titled “Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC” providing the regulatory framework for handling of complaints and redress of grievances by the regulated entities in the International Financial Services Centre (IFSC).
One of the objectives of the proposed framework is to align the norms and procedures for complaint handling across the financial services in the IFSC to the extent possible. This will also promote ease of doing business, particularly for regulated entities having multiple registrations with IFSCA for undertaking various financial services in the IFSC.
The framework provides detailed norms and requirements inter alia relating to having a policy for complaint handling and grievance redressal, procedure for complaint handling along with timelines, appeal mechanism, complaint before IFSCA, maintenance of records, disclosures on website and annual report, reporting and maintenance of online system for complaint handling.
The circular shall come into force with effect from January 15, 2025.
