Complaints
Introduction
Under the presiding legal framework, Offshore Investment Registrar China (OIRC) has a responsibility to support the stability and proper functioning of the securities and asset management system by working with other similar regulatory institutions. Under this mandate, OIRC strives to ensure all financial, securities and asset management companies are properly managed and are operating in a sound and practical way while maintaining acceptable ethical behavior and business practices. Such companies are referred to as “financial institutions” for the rest of this policy statement. These institutions are involved in businesses relating to asset management, securities trading and associated services.
As an overseer of the markets, OIRC sometimes hears complaints about how financial institutions deal with their customers’ affairs. These complaints may provide an opportunity for practices to be improved by the financial institution and this policy statement explains how OIRC manages such complaints. This policy statement describes the situations in which OIRC will investigate complaints and provides other information on the actions that can be taken for complaints.
There are six sections to the policy, and the first three sections give general information to complainants about OIRC’s complaints management. The final sections provide an overview of OIRC’s role and actions that can be taken.
- Initially, address your complaint directly to the financial institution
If you have a complaint concerning a product or service you received from a financial institution, you should first make an effort to resolve this directly with the financial institution. Complaining directly to the financial institution provides an opportunity for both the institution and complainant to make matters right at an early stage.
OIRC requires all financial institutions to implement acceptable complaint handling policies. These companies should be able to tell you how best to make a complaint against them.
- When to complain to OIRC
If you are not happy with how the financial institution has treated your complaint, or if they have not replied to you within 45 days, you may request the help of OIRC. Within the framework of OIRC’s authority, we will do what is possible to help, although our abilities are often limited.
It is helpful for OIRC to know the details of your complaint against a financial institution, especially where it may point to shortcomings in the management or running of a financial institution.
- Making a complaint about a financial institution
It would be best if you made your complaint in writing, with full details of the nature of your grievance, your name, and contact information. No specific form is needed to file a complaint.
Verbal or anonymous complaints will not be entertained, but you may email OIRC or use the contact form.
- OIRC’s role
OIRC is not an ombudsman and is therefore unable to adjudicate disputes between customers and financial institutions. Those making a complaint should always be aware of these limitations.
OIRC will not usually investigate complaints solely related to the cost or quality of services, commercial decisions by financial institutions, or investment performance. However, we expect financial institutions to have appropriate and adequate policies to deal with all kinds of complaints methodically and reasonably.
OIRC tries to ensure that financial institutions handle all complaints consistent with the industry guidelines. However, you should understand that we do not have the authority to resolve contract or other undocumented factual disputes. OIRC cannot force a financial institution to compensate you, as any compensation request should be addressed to the financial institution directly. A complainant may seek help from their legal adviser or other practical means in case of need.
- How OIRC handles complaints
All complaints are handled in the strictest of confidence, although details will have to be disclosed to the financial institution concerned.
We will respond to you generally within seven working days after receiving a written complaint.
We will pass your complaint to the financial institution concerned for investigation and for them to respond within 45 days. We will also forward a copy of your complaint to the institution and ask for follow up. You accept that we have permission to disclose details of your complaint to the financial institution by writing to us. If you do not agree to us disclosing your information and advise us as such, we will not take any further action about your complaint unless it involves accusations of a serious regulatory nature.
We will request that the financial institution reply to you with as complete a response as possible and request that the financial institution sends us a copy of that response. Under exceptional circumstances, financial institutions may also be obliged to take additional actions.
We will evaluate any response from the financial institution to check that your complaint has been adequately addressed in accordance with the complaint procedures and has complied with the necessary regulatory requirements.
If your complaint raises issues of a supervisory nature, we will follow up with the financial institution independently.
- OIRC Actions
If, after reviewing a complaint or a number of complaints, it is found that a financial institution has acted in a way that is illegal or improper, according to the prevailing laws and regulations, appropriate action will be initiated against the financial institution, for example, by demanding a change to management control.
If the issue is supervisory, OIRC will follow up with the financial institution to determine the facts and, if necessary, demand corrective actions be taken. Where it is found that there have been significant breaches of a financial institution’s responsibilities, further disciplinary actions (which may include the loss of authorization) will be taken as dictated by the relevant provisions of law.
Whatever action OIRC takes cannot force the financial institution to compensate you financially. Also, secrecy laws may prevent OIRC from providing you with details of any outcome or action taken or not against the financial institution unless a public statement is issued after the financial institution has been informed it must do so according to law.