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Tribune News Network
Doha
Customer and investor protection has been key pillars of the QFC Regulatory Authority’s regulatory framework since the establishment of the Qatar Financial Centre (QFC) in 2005, the authority said in a statement on Tuesday.
QFC authorised firms are required to provide their customers access to an internal complaints handling mechanism. If a customer is not satisfied with the firm’s resolution of a complaint, the customer can take the complaint to the Customer Dispute Resolution Scheme (CDRS), an independent adjudication process that has been in operation since 2014.
The CDRS, which is administered through Regulatory Authority rules, has resulted in a number of successfully adjudicated disputes, details of which are summarised on the Regulatory Authority website.
The Regulatory Authority has updated its rules for the CDRS and has issued a new rulebook, Customer Dispute Resolution Scheme Rules 2019. The CDRS covers financial services provided by QFC firms such as financial planning and advice, investments, general insurance, life insurance, banking, collective funds and trustee services.
In addition to improvements to the access, clarity and timeliness of the scheme’s operation, the new rulebook makes it easier for customers to understand the process.
Dr Mohammed Abdel Aziz al Kulaifi, Dean of the College of Law, Qatar University, and an independent adjudicator of the CDRS, said, “Qatar University has studied the QFC CDRS model and considers that the clarified CDRS rules will ensure that customers of QFC authorised firms have easy access to a free, fair and transparent redress mechanism, giving greater confidence in the integrity of the regulatory framework and the firms that operate within it.”
The Regulatory Authority is equally interested in ensuring that its rules regarding fair outcomes for customers of QFC authorised firms keep pace with best international practices and standards. This month, along with the new CDRS Rules, the Regulatory Authority released rules to update and strengthen existing rules to protect customers and investors of QFC authorised firms.
Treating customers fairly is the central theme in the updated Customer and Investor Protection Rules 2019 (CIPR).
Doha
Customer and investor protection has been key pillars of the QFC Regulatory Authority’s regulatory framework since the establishment of the Qatar Financial Centre (QFC) in 2005, the authority said in a statement on Tuesday.
QFC authorised firms are required to provide their customers access to an internal complaints handling mechanism. If a customer is not satisfied with the firm’s resolution of a complaint, the customer can take the complaint to the Customer Dispute Resolution Scheme (CDRS), an independent adjudication process that has been in operation since 2014.
The CDRS, which is administered through Regulatory Authority rules, has resulted in a number of successfully adjudicated disputes, details of which are summarised on the Regulatory Authority website.
The Regulatory Authority has updated its rules for the CDRS and has issued a new rulebook, Customer Dispute Resolution Scheme Rules 2019. The CDRS covers financial services provided by QFC firms such as financial planning and advice, investments, general insurance, life insurance, banking, collective funds and trustee services.
In addition to improvements to the access, clarity and timeliness of the scheme’s operation, the new rulebook makes it easier for customers to understand the process.
Dr Mohammed Abdel Aziz al Kulaifi, Dean of the College of Law, Qatar University, and an independent adjudicator of the CDRS, said, “Qatar University has studied the QFC CDRS model and considers that the clarified CDRS rules will ensure that customers of QFC authorised firms have easy access to a free, fair and transparent redress mechanism, giving greater confidence in the integrity of the regulatory framework and the firms that operate within it.”
The Regulatory Authority is equally interested in ensuring that its rules regarding fair outcomes for customers of QFC authorised firms keep pace with best international practices and standards. This month, along with the new CDRS Rules, the Regulatory Authority released rules to update and strengthen existing rules to protect customers and investors of QFC authorised firms.
Treating customers fairly is the central theme in the updated Customer and Investor Protection Rules 2019 (CIPR).
