The Cayman Islands Monetary Authority (the “Authority”) will apply this Policy to assess all relevant complaints.
Failure to meet the minimum established criteria for submitting a complaint may limit the Authority’s ability to:
The Managing Director may appoint a Complaints Officer who is responsible for recording information on complaints, handling feedback, queries and overseeing the complaints management system.
For the purpose of this Policy, the definitions below are provided:
This Policy establishes the main criteria and approach for submitting complaints against the Authority.
The objective of this Policy is to promote the Authority’s transparency and fairness in performing its functions and managing its affairs.
This Policy is consistent with the Authority’s:
This Policy should be used to guide the process of submitting complaints against the Authority.
Complaints about the Authority may belong to any of the following complaint categories:
This Policy also establishes criteria for filing a complaint against the Managing Director and the Board of the Authority (the "Board”).
This Policy does not provide guidance for complaints against the Authority’s licensees. For information on such complaints, persons may refer to the Regulatory Policy – Complaints Against Licensees, Registrants and Other Supervised Entities.
Complainants are expected to provide complete and truthful information.
If an employee is the subject of the complaint, that employee will not be included in the complaint’s handling process in order to achieve a fair and objective outcome.
Employees involved in the initial decision making related to a complaint will not participate in an internal review.
A complaint that does not meet all criteria may be processed at the discretion of the Authority, under exceptional circumstances.
The Authority is not designated to handle whistleblowing cases or facilitate protected disclosures; therefore, such matters will not be accepted or processed.
Initiating an assessment of the complaint is not an admission of any fault, wrongdoing, error or legal liability on the part of the Authority.
There may be circumstances in which the Authority is unable to address a complaint or disclose the reasons for an outcome. These decisions are at the sole discretion of the Authority and will be communicated to the complainant.
The decision to conduct an internal review of a complaint is at the sole discretion of the Authority if it is determined that there are reasonable grounds for the review.
The following criteria must be met when submitting a complaint:
It is the responsibility of the complainant to:
Any person directly affected by the way in which the Authority has carried out its functions may complain in writing to any of the relevant Senior Officers presented in Table 1.
|Complaint Categories||Officer||Description of Complaint|
|Operations||Deputy Managing Director - Operations||
Complaints about the following divisions: Information Systems, Human Resources,
|Supervision||Deputy Managing Director - Supervision||
Performance-related complaints under any of the regulatory acts or in relation to an action or decision taken by the Authority.
|Contractual and Commerical||Chief Financial Officer||
Contractual or commercial disputes involving the Authority.
|Employees||Head of Department - Human Resources||
For complaints about the Authority’s relationship with its employees.
Complaints may be submitted through any of the following means:
Complaints should provide a clear description and specifics about the nature of the complaint, in addition to the expected outcome being requested by the complainant. All complaints should be accompanied by all relevant, supporting documents.
If the complaint is filed or submitted on behalf of another person or party, the Authority will require a written agreement of the statement from the person that is directly affected or has direct interests in the complaint. Should the complaint be submitted by an attorney, no written agreement is required.
Complaints about the Authority’s Managing Director should be submitted in writing and addressed to the Secretary of the Board.
Complaints against the Board or against any of its members should be directed to the Cayman Islands Office of the Ombudsman.
The following table presents the three stages of handling of complaints:
The Authority will acknowledge receipt of the complaint within five (5) working days.
A preliminary review will take place to determine if the complaint is within the scope of the Authority and if all established criteria is met.
Complaints are assessed objectively, impartially and managed confidentially by an assigned employee.
During an assessment, an employee will:
The assessment of a complaint may result in any of the following outcomes:
The Authority will communicate the outcome of the complaint in writing to the complainant, except in certain cases where there are legal or other limitations, including for confidentiality reasons.
|3. Internal Review||
If a complainant is dissatisfied with the outcome of a complaint, an internal review of that decision can be requested. The request must
Internal review requests are:
A review may result in any of the following outcomes: