2023 Complaints Handling Survey Review

The Cayman Monetary Regulatory Authority International ("The Authority") conducted a comprehensive Complaints Handling Survey in 2023, targeting seven deposit-taking institutions to evaluate their complaints management frameworks. The survey revealed that most institutions have established effective mechanisms for handling complaints. However, the review also highlighted specific areas for improvement, particularly in strengthening board-level oversight and enhancing communication channels throughout the complaints process.

The Authority encourages all regulated entities to review the findings of the survey and implement the recommended improvements to ensure their complaints management frameworks align with current regulatory standards. This proactive approach will not only enhance consumer protection but also ensure greater transparency and accountability within the industry.

Entities are advised to incorporate these enhancements promptly to ensure full compliance with updated regulatory requirements concerning complaints handling. The full report is available for further review in the linked PDF document.