PETITIONS AND COMPLAINTS

Resolving Grievances: Empowering Change

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The Significance of Written Complaints

Consumer Protection and Complaint Filing with Financial Authority Saint Lucia As part of its role in supervising banks, financial service providers, insurers, and securities trading, Financial Authority Saint Lucia is committed to ensuring consumer protection. According to the Financial Services Supervision Act (FinDAG), clients have the right to directly submit their complaints to FASL. To initiate the complaint process, it is essential to submit a written or text-based complaint using the designated form on the FASL website. Your complaint should provide factual details and clearly state the reasons for your grievance

How Financial Authority Saint Lucia treats your complaint

Financial Authority Saint Lucia Complaint Handling Process: When you submit a complaint, Financial Authority Saint Lucia follows a multi-stage assessment: Initial Assessment: Financial Authority Saint Lucia examines the information and documents you provide to determine if your case can be evaluated. If further clarification is needed, they may request additional details from you and seek the company's perspective. In most cases, your complaint letter is forwarded to the company in question. Company Response: The company provides a detailed report to Financial Authority Saint Lucia, explaining the rationale behind their decision. Supervisory Evaluation: Financial Authority Saint Lucia conducts an evaluation based on the information provided. If the company's decision aligns with supervisory standards, you will be notified accordingly. Regulatory Intervention: If Financial Authority Saint Lucia determines that supervisory intervention is necessary, they will continue to address the matter with the company. However, due to confidentiality obligations, they are unable to disclose the outcome of the dispute to you. Please note that Financial Authority Saint Lucia handles each complaint individually and strives to ensure a fair and thorough resolution process

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    When submitting your complaint, ensure that your letter includes the following information
    • Your name and address. If you are complaining about another individual, please provide their name and address as well

    • The name and address of the company you are filing the complaint against

    • If your complaint pertains to an insurance organization, include details such as the type of insurance, insurance certificate number, and, if applicable, claim number

    • If your complaint relates to a credit or financial institution, provide information such as the account type (e.g., deposit account, current account, savings contract), account or customer number, and the name of the organization

    • If your complaint is regarding the purchase of securities, include the identification number of the securities (WKN or ISIN) and the name of the broker's organization