ADVOKS GLOBAL · KENYA
The Capital Markets (Conduct of Business) (Market Intermediaries) Regulations
16. Complaints procedure
Edition: 2022-12-31 · In force
16. Complaints procedure
(1)A market intermediary shall adopt, document and disclose to a client its procedures for the proper handling of complaints from clients and ensure that appropriate remedial action is taken on the complaints promptly.(2)A market intermediary shall designate an officer to review and investigate all complaints lodged by clients and recommend appropriate remedial action to the management of the market intermediary.(3)A market intermediary shall handle complaints in a fair, appropriate and timely manner, and shall inform the client of the outcome.(4)A market intermediary shall, depending on the nature of the complaint, provide where a complaint is justified, appropriate restitution and address the weaknesses in its internal systems that led to the action causing the complaint.(5)A market intermediary shall document all the actions it has taken under the complaints procedure.(6)The complaints procedure shall set out the process for dealing with complaints, including—(a)the apportionment of responsibility for the actions that led to the complaint, including to persons not specifically named in the complaint;(b)the timeframe for dealing with a complaint;(c)the timeframe within which to inform the complainant of progress in dealing with the complaint, which shall not be more than three months; and(d)the right to appeal to the chief executive of the market intermediary or another appropriately senior officer nominated by the chief executive, where the complaint cannot otherwise be resolved.(7)A market intermediary shall immediately and in all events within twenty-four hours, inform the Authority of any complaint that is still unresolved, three months after it was received.(8)A market intermediary shall maintain a record of complaints showing—(a)the client or any other person from whom a complaint was received;(b)the nature of the complaint;(c)the officer handling the complaint;(d)the officer against whom the complaint was made or who was responsible for the action that led to the complaint;(e)the progress in handling the complaint;(f)the way the complaint was resolved; and(g)the time it took to resolve the complaint.(9)A market intermediary shall maintain a summary register of complaints.