Introduction

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:

• Accept a complaint for processing;
• Appoint appropriate employees to handle the complaint;
• Comprehensively assess a complaint;
• Take a decision or action about a complaint; or
• Provide a resolution.

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.

Definitions

For the purpose of this Policy, the definitions below are provided:

• “Authority” means the Cayman Islands Monetary Authority established under the Monetary Authority Act (the "MAA").
• “Board of the Authority” means the board of directors established under the MAA.
• “Complaint” means any expression of dissatisfaction about the manner in which the Authority has carried out its functions under the MAA and the regulatory acts, or the conduct of the Authority’s management, employees or persons acting on its behalf in the purported exercise of such functions.

Statement of Objectives

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:

• statutory objectives of acting in the best interest of the Cayman Islands and having regard for generally accepted principles of good corporate governance, as prescribed in Section 6(2)(f) of the MAA; and
• mandate to operate in a manner best serving the public interest, pursuant to Section 6 of the Public Authorities Act.

Scope of Application

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:

• Operations;
• Supervisory and regulatory functions;
• Disputes of contractual and/or commercial nature; and
• Employees.

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.

General Considerations

Complainants are expected to provide complete and truthful information.

Any personal data provided to the Authority will be processed in accordance with the Authority’s Privacy Policy.

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.

Criteria for Making a Complaint 

The following criteria must be met when submitting a complaint:

• Complaints must be submitted in writing;
• Complaints must include the name of the complainant; and
• Complaints must include the contact details of the complainant.

It is the responsibility of the complainant to:

• Satisfy criteria established within this policy;
• Provide any information requested;
• Provide any relevant documents or evidence;
• Contact the Authority to seek clarification about the process, if required; and
• Request an internal review of a complaint outcome.

Directing a Complaint

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.

How to File a Complaint

Complaints may be submitted through any of the following means:

1. Completing the online form available on the Authority’s website (Recommended);
2. Submitting in writing via post to: P.O. Box 10052 Grand Cayman KY1-1001 Cayman Islands
3. Hand delivered to the Authority’s office located at: 171 Elgin Ave, SIX, Cricket Square, George Town, Cayman Islands

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 Against the Managing Director

Complaints about the Authority’s Managing Director should be submitted in writing and addressed to the Secretary of the Board.

Complaints Against the Board

Complaints against the Board or against any of its members should be directed to the Cayman Islands Office of the Ombudsman.

The Complaints Handling Process

The following table presents the three stages of handling of complaints: