Financial Advisers Complaints Handling and Resolution (CHR) Regulations 2021
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.
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.
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