Financial Advisers Complaints Handling and Resolution (CHR) Regulations 2021

      On 30 November 2021, The Monetary Authority of Singapore (“MAS”) published in the Government Gazette the new Financial Advisers (Complaints Handling and Resolution) Regulations 2021 (“CHR Regulation”) which establishes new requirements that financial advisers and exempt financial advisers must adhere to in relation to complaints.

      What are the CHR regulation requirements for financial institutions?

      The CHR Regulation came into force on 3 January 2022. In summary, Financial Institutions are required to comply in the following ways:

      • establish an independent Complaints Handling and Resolution process for retail customers
      • designate senior management as responsible for overseeing compliance with the regulation
      • ensure information regarding the Complaints Handling and Resolution process is publicly available
      • ensure that complaints received and managed are recorded in a centralised manner
      • report all complaints and any ‘nil’ reports to MAS on a biannual basis.

      Who does the CHR regulation apply to?

      It is important to note that the CHR Regulations are applicable to all financial advisers and exempt financial advisers dealing with retail customers. All those who are dealing with accredited, institutional and expert customers are not required to comply with the regulations.

      In addition, it should be noted that if the CHR Regulations do not apply to a financial adviser firm or exempt financial adviser firm, they are not required to submit a “nil” return. A “nil” return need only be submitted by a financial institution that is required to comply with the regulations set under the CHR Regulations but did not receive any complaint in the reporting period. A “nil” return field must be provided in the template for the biannual report.

      The first biannual report will therefore be due within three months after the end of June 2022, for the reporting period between January to June 2022.

      Need help understanding these changes?

      To learn more about our APAC Compliance services, get in touch with a Waystone Compliance Solutions representative today. 

      Find out more about our APAC compliance solution

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