Effective Implementation of Complaints Management Framework in Securities Industry
The Securities & Exchange Commission has been engaging with SROs and Trade Groups to ensure compliance with the Complaints Management Framework (CMF). They have reviewed and cleared the complaints management policies of various organizations, highlighting challenges and the need for full implementation.
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Presentation Transcript
Isyaku Bala Tilde Director, Monitoring Department Securities & Exchange Commission August 2016
COMPLAINTS MANAGEMENT FRAMEWORK (CMF) COMPLAINTS MANAGEMENT FRAMEWORK (CMF) INTRODUCTION The Commission has been engaging SROs and Trade Groups on compliance with the CMF, specifically in ensuring that each of the SRO/Trade Group has an operational complaints management policy and structure. Achievement is being recorded as the Commission has so far cleared complaints management policies of three (3) SROs and four (4) Trade Groups. 2
COMPLAINTS MANAGEMENT FRAMEWORK COMPLAINTS MANAGEMENT FRAMEWORK cont d cont d Level of compliance The Complaint Management Polices of the following SROs and Trade groups were reviewed and cleared by the Commission; The Nigerian Stock Exchange (NSE) FMDQ OTC PLC NASD PLC Association of Corporate Trustees (ACT) Fund Managers Association of Nigeria (FMAN) Association of Stockbroking Houses of Nigeria(ASHON) Association of Issuing Houses of Nigeria (AIHN) Other draft policies, which are at various stages of review include those of; Institute of Capital Market Registrars (ICMR) Association of Assets Custodians 0f Nigeria (AACN) 3
COMPLAINTS MANAGEMENT FRAMEWORK COMPLAINTS MANAGEMENT FRAMEWORK cont d cont d Challenges For effective implementation of the CMF, all CMOs are required to register Groups/Associations. However, not all CMOs have registered with their respective Trade Groups. Trade Groups are currently not registered with SEC. Some of the Trade Groups do not have appropriate structures in place. Once the above issues are addressed, the CMF will be fully implemented. with relevant Trade 4
