In its statement to the Finnish Financial Supervisory Authority relevant to the Supervisory Authority’s regulation on the arrangement of investment fund operations, the Finnish Consumer Agency proposes improvements in the processing of customer complaints.

According to the regulation issued by the Finnish Financial Supervisory Authority, asset management companies should have efficient, transparent and up-to-date procedures for processing complaints filed by investors appropriately and speedily. The company should keep on file data on all complaints and action taken to resolve them. Investors, on the other hand, should be given the possibility of complaining, and instructions on how to file a complaint should be accessible to investors free of charge.

In the Finnish Consumer Agency’s opinion, the requirements of making the contact information of the party processing complaints available and giving the customer a written response should be added into the regulation. In practice, contacting the company is often difficult, and consumer rights are thus not implemented.

The consumer as a customer should also be provided instructions on how to take the matter further to a dispute settlement body if necessary. Inappropriate practices in a customer relationship are also prohibited under Chapter 2 of the Consumer Protection Act.

KUV/9288/48/2011