Claims handling process

1. Algorithm for making a request to the finance committee

You can file a complaint about the resolution of a conflict situation and receive financial compensation within 45 days after the dispute has arisen. First of all, the client must send a request to the broker and only then contact the Commission.

• The client’s broker is obliged to confirm receipt of the claim within 5 days after its receipt and send a reply within 14 days after consideration;
• It is necessary to apply to the Commission if the broker’s response does not meet the client’s needs (or in case of a response from the broker within the declared 2 weeks).

2. Peculiarities of the claim analysis

Finspection independently examines the text of the claim and determines its significance (the claim must fall within the committee’s area of responsibility). Approximately 5 days are allocated to study and issue a verdict.

• Once the decision has been made, the head of the Commission will contact the client (company member) independently for further information on the submitted claim. This action takes place within 5 days of studying the test. The possibility of settling a conflict situation without any additional proceedings is mandatory;
• If it is not possible to resolve the conflict at the analysis stage, the claim is referred to the Dispute Resolution Committee.

3. How the claim is processed

The Dispute Committee draws its conclusions from the information obtained during the comprehensive situation analysis phase.

If important data are not available, the Committee requests them and considers the data provided for another 7 days.

4. Peculiarities of decision making

The Committee’s decisions are binding on all team members. They are binding on the customer only if the customer is ready to make them.

• If the customer fully agrees with the decision, this action must be confirmed in writing within 14 days after the decision has been made. If the client does not confirm this action, the dispute is automatically considered closed;
• A team member must satisfy a complaint accepted by the Committee within 28 days;
• If the decision was made in favour of a team member, the client must submit a written refusal within 7 days. This action completely eliminates the conflict and considers it closed.