Request the out-of-court resolution of a dispute at the Luxembourg Financial Sector Supervisory Commission (CSSF)
Last updated more than 5 years ago
The Luxembourg Financial Sector Supervisory Commission (Commission de Surveillance du Secteur Financier - CSSF) oversees financial instrument markets and its operators.
Il also offers the out-of-court resolution for consumer complaints by clients of the professionals of the financial sector who are under its supervision.
The CSSF's out-of-court resolution of disputes procedure is free of charge and provided on a voluntary basis. It aims to simplify the resolution of disputes without the need for legal proceedings.
Who is concerned
This procedure is available to the clients of professionals who operate in the sector of activity that is subject to supervision by the Luxembourg Financial Sector Supervisory Commission (CSSF).
Said professionals are, among others:
- banks;
- financial businesses, holdings;
- investment firms;
- professionals of the financial sector (specialists or support professionals);
- authorised management companies;
- alternative investment fund managers;
- liability managers;
- undertakings for collective investment;
- pension funds (pension savings companies with variable capital - SEPCAV - and pension savings associations - ASSEP);
- securitisation vehicles;
- fiduciary representatives intervening with a securitisation vehicle;
- payment institutions and electronic money institutions.
The CSSF does not have the competence to deal with claims relating to entities in the insurance sector.
Prerequisites
Opening the procedure for an out-of-court settlement of claims with the Financial Sector Supervisory Commission (CSSF) is subject to the condition that the claim:
- has been previously dealt with by the executive management of the professional concerned;
- has not previously been, or is not currently being examined by another ADR (Alternative Dispute Resolution) entity, an arbitrator, an arbitration tribunal, or a court, either in Luxembourg or abroad;
- does not relate to the professional's commercial policies;
- concerns a financial product or service;
- is not abusive, fanciful or vexatious;
- does not prevent the operation of the CSSF.
The complaint must always first be sent, in writing, to the complaints manager at the executive level of the professional concerned.
Deadlines
If, within a period of one month from the sending of the complaint to the person responsible for handling complaints at the executive level of the professional concerned, no satisfactory response or no response at all is obtained, a request for an out-of-court resolution of this dispute may be submitted to the Financial Sector Supervisory Commission (CSSF).
A complaint can be submitted to the CSSF within one year from the date on which the complaint to the professional concerned was lodged.
Costs
Claims are processed free of charge. In addition, no costs are reimbursed to the parties.
How to proceed
General rules
The mission of the Financial Sector Supervisory Commission (CSSF) is to facilitate the amicable resolution of the dispute between the parties concerned.
Claims are processed by the legal department "Consumer Protection/Financial Crime".
However, the reasoned conclusions of the CSSF are not binding on the parties.
Submission of disputes
To initiate the out-of-court complaint resolution process, the applicant can fill out the form for submitting an out-of-court complaint resolution to the Financial Sector Supervisory Board (CSSF).
The application form can be sent to the CSSF:
- by post (a standard letter is sufficient, registered mail is optional);
- by fax;
- by email to reclamation@cssf.lu.
The application must be submitted in French, Luxembourgish, German or English. The procedure will, in principle, take place in the language in which the application was lodged.
The request for an out-of-court complaint resolution can also be made online, directly on the CSSF's website, by using their online service.
Each application must be duly motivated and accompanied by the following documents:
- a chronological and detailed description of the facts underlying the complaint, as well as of the steps already taken with the professional against whom the complaint was made;
- a copy of the initial complaint addressed to the person responsible for complaint handling at the level of the management of the professional;
- either a copy of the response to the complaint received from the professional or a written statement indicating that no answer was received within one month from the day on which the complaint was sent;
- a confirmation that no court, arbitrator or other out-of-court resolution body is currently handling the case in Luxembourg or abroad;
- a declaration expressly stating the acceptance of the terms for an intervention of the CSSF as an out-of-court settlement body with respect to the dispute;
- a declaration granting the CSSF the authorisation to transmit the complaint (including attachments), as well as any future correspondence or information, to the professional concerned by the complaint;
- a copy of a valid identity document of the applicant (even if the applicant is represented before the CSSF by another person);
- if the applicant is represented by another person, it is necessary to attach a document certifying the power of representation of said person to the complaint. If the applicant is acting on behalf of a legal person, he must attach a document attesting his power of representation;
- if the complaint involves more than one person (e.g. opening of a collective account), a power of attorney from all interested parties must be attached to the out-of-court resolution request. This will allow, if applicable, a single person to represent each person at the same time. These powers of attorney enable the CSSF to verify that all persons concerned have been informed of the procedure and that they have given their consent for the submission of the application.
Any other document that is potentially useful for a proper understanding of the dispute with the professional concerned can also be attached to the complaint.
In case there are additional documents, they can be attached to the complaint file and sent to reclamation@cssf.lu by email.
If the file is sent by post, original documents must be kept and only copies of the documents should be enclosed in the mail. If the CSSF needs the originals, it will request them.
Copies of the transmitted documents do not need to be certified.
Procedure
Complaints are normally processed in writing. However, if the CSSF deems it useful for the examination of the case, it may set up one or more interviews with the interested parties.
The parties have access to the procedure without having to call upon a lawyer or legal counsel.
However, they may be represented throughout the procedure by a third party (a lawyer, a Luxembourg or foreign adviser, a relative or an association, for example a consumer protection association). The third party does not need any particular qualifications.
Within 3 weeks of receiving the complete application, the CSSF informs the parties it accepts to process the complaint. Otherwise, the CSSF will provide both parties with a detailed explanation of why it does not agree to process the application.
The application is complete when all the documents and information necessary for the processing of the application have been received by the CSSF. This includes, in particular, the explanations specifically requested by the CSSF from the professional against whom the complaint is directed.
The CSSF will report its findings within 90 days of the date on which the application is considered complete.
The CSSF can extend the initial deadline if confronted with extremely complex cases. In this case, the CSSF will inform the parties in good time of the extension of the deadline.
The CSSF's reasoned conclusion
When the analysis of the case is completed, the CSSF sends its conclusion with the reasons for their decision in writing to the parties.
If the CSSF concludes that the application is wholly or partly justified, it will invite the parties to contact each other in order to settle their dispute in the light of the reasoned conclusion and to inform it of any action taken.
If the CSSF comes to the conclusion that the parties' positions are irreconcilable or unverifiable, it will inform the parties in writing.
The parties are informed that the conclusions reached by the CSSF following the analysis of the case may differ from the decision of a court applying the legal provisions.
Furthermore, the parties are informed that the reasoned conclusions of the CSSF are not binding on the parties, they are free to accept or refuse to follow them.
In the conclusion, the parties are also informed of the possibility of lodging an appeal through court proceedings, in particular if they do not reach an agreement following the issuance of the reasoned conclusion by the CSSF.
The CSSF asks the parties, in its reasoned conclusion, to inform it within a reasonable time limit indicated in the letter if they have decided to refuse, accept or follow the solution proposed by the CSSF.
Forms / Online services
Request for out-of-court complaint resolution with the CSSF
To complete your application, the information about you collected from this form needs to be processed by the public administration concerned.
That information is kept by the administration in question for as long as it is required to achieve the purpose of the processing operation(s).
Your data will be shared with other public administrations that are necessary for the processing of your application. For details on which departments will have access to the data on this form, please contact the public administration you are filing your application with.
Under the terms of Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, you have the right to access, rectify or, where applicable, remove any information relating to you. You are also entitled to withdraw your consent at any time.
Additionally, unless the processing of your personal data is compulsory, you may, with legitimate reasons, oppose the processing of such data.
If you wish to exercise these rights and/or obtain a record of the information held about you, please contact the administration in question using the contact details provided on the form. You are also entitled to file a claim with the National Commission for Data Protection (Commission nationale pour la protection des données), headquartered at 15, boulevard du Jazz L-4370 Belvaux.
By submitting your application, you agree that your personal data may be processed as part of the application process.
Introduction d’une demande de résolution extrajudiciaire de réclamation auprès de la CSSF
Les informations qui vous concernent recueillies sur ce formulaire font l’objet d’un traitement par l’administration concernée afin de mener à bien votre demande.
Ces informations sont conservées pour la durée nécessaire par l’administration à la réalisation de la finalité du traitement
Les destinataires de vos données sont les administrations compétentes dans le cadre du traitement de votre demande. Veuillez-vous adresser à l’administration concernée par votre demande pour connaître les destinataires des données figurant sur ce formulaire. Conformément au règlement (UE) 2016/679 relatif à la protection des personnes physiques à l'égard du traitement des données à caractère personnel et à la libre circulation de ces données, vous bénéficiez d’un droit d’accès, de rectification et le cas échéant d’effacement des informations vous concernant. Vous disposez également du droit de retirer votre consentement à tout moment.
En outre et excepté le cas où le traitement de vos données présente un caractère obligatoire, vous pouvez, pour des motifs légitimes, vous y opposer.
Si vous souhaitez exercer ces droits et/ou obtenir communication de vos informations, veuillez-vous adresser à l’administration concernée suivant les coordonnées indiquées dans le formulaire. Vous avez également la possibilité d’introduire une réclamation auprès de la Commission nationale pour la protection des données ayant son siège à 15, boulevard du Jazz L-4370 Belvaux.
En poursuivant votre démarche, vous acceptez que vos données personnelles soient traitées dans le cadre de votre demande.
Einreichung eines Antrags auf außergerichtliche Beilegung von Beschwerden bei der CSSF
Ihre in diesem Formular erfassten personenbezogenen Informationen werden von der zuständigen Verwaltungsbehörde verarbeitet, um Ihren Antrag erfolgreich abzuschließen.
Diese Informationen werden von der Behörde für den zur Verarbeitung erforderlichen Zeitraum gespeichert.
Die Empfänger Ihrer Daten sind die im Rahmen Ihres Antrags zuständigen Verwaltungsbehörden. Um die Empfänger der in diesem Formular erfassten Daten zu erfahren, wenden Sie sich bitte an die für Ihren Antrag zuständige Behörde.
Gemäß der Verordnung (EU) 2016/679 zum Schutz natürlicher Personen bei der Verarbeitung personenbezogener Daten und zum freien Datenverkehr haben Sie das Recht auf Zugang, Berichtigung und gegebenenfalls Löschung Ihrer personenbezogenen Informationen. Sie haben zudem das Recht, Ihre erteilte Einwilligung jederzeit zu widerrufen.
Weiterhin können Sie, außer in Fällen, in denen die Verarbeitung Ihrer Daten verpflichtend ist, Widerspruch einlegen, wenn dieser rechtmäßig begründet ist.
Wenn Sie diese Rechte ausüben und/oder Einsicht in Ihre Informationen nehmen möchten, können Sie sich unter den im Formular angegebenen Kontaktdaten an die zuständige Verwaltungsbehörde wenden. Sie haben außerdem die Möglichkeit, bei der Nationalen Kommission für den Datenschutz Beschwerde einzulegen (Commission nationale pour la protection des données, 15, boulevard du Jazz L-4370 Belvaux).
Wenn Sie Ihren Vorgang fortsetzen, akzeptieren Sie damit, dass Ihre personenbezogenen Daten im Rahmen Ihres Antrags verarbeitet werden.
Online request for out-of-court complaint resolution with the CSSF
To complete your application, the information about you collected from this form needs to be processed by the public administration concerned.
That information is kept by the administration in question for as long as it is required to achieve the purpose of the processing operation(s).
Your data will be shared with other public administrations that are necessary for the processing of your application. For details on which departments will have access to the data on this form, please contact the public administration you are filing your application with.
Under the terms of Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, you have the right to access, rectify or, where applicable, remove any information relating to you. You are also entitled to withdraw your consent at any time.
Additionally, unless the processing of your personal data is compulsory, you may, with legitimate reasons, oppose the processing of such data.
If you wish to exercise these rights and/or obtain a record of the information held about you, please contact the administration in question using the contact details provided on the form. You are also entitled to file a claim with the National Commission for Data Protection (Commission nationale pour la protection des données), headquartered at 15, boulevard du Jazz L-4370 Belvaux.
By submitting your application, you agree that your personal data may be processed as part of the application process.
Online procedure
Réclamation en ligne auprès de la CSSF
Les informations qui vous concernent recueillies sur ce formulaire font l’objet d’un traitement par l’administration concernée afin de mener à bien votre demande.
Ces informations sont conservées pour la durée nécessaire par l’administration à la réalisation de la finalité du traitement
Les destinataires de vos données sont les administrations compétentes dans le cadre du traitement de votre demande. Veuillez-vous adresser à l’administration concernée par votre demande pour connaître les destinataires des données figurant sur ce formulaire. Conformément au règlement (UE) 2016/679 relatif à la protection des personnes physiques à l'égard du traitement des données à caractère personnel et à la libre circulation de ces données, vous bénéficiez d’un droit d’accès, de rectification et le cas échéant d’effacement des informations vous concernant. Vous disposez également du droit de retirer votre consentement à tout moment.
En outre et excepté le cas où le traitement de vos données présente un caractère obligatoire, vous pouvez, pour des motifs légitimes, vous y opposer.
Si vous souhaitez exercer ces droits et/ou obtenir communication de vos informations, veuillez-vous adresser à l’administration concernée suivant les coordonnées indiquées dans le formulaire. Vous avez également la possibilité d’introduire une réclamation auprès de la Commission nationale pour la protection des données ayant son siège à 15, boulevard du Jazz L-4370 Belvaux.
En poursuivant votre démarche, vous acceptez que vos données personnelles soient traitées dans le cadre de votre demande.
Démarche en ligne
Online-Antrag auf außergerichtliche Beilegung einer Beschwerde
Ihre in diesem Formular erfassten personenbezogenen Informationen werden von der zuständigen Verwaltungsbehörde verarbeitet, um Ihren Antrag erfolgreich abzuschließen.
Diese Informationen werden von der Behörde für den zur Verarbeitung erforderlichen Zeitraum gespeichert.
Die Empfänger Ihrer Daten sind die im Rahmen Ihres Antrags zuständigen Verwaltungsbehörden. Um die Empfänger der in diesem Formular erfassten Daten zu erfahren, wenden Sie sich bitte an die für Ihren Antrag zuständige Behörde.
Gemäß der Verordnung (EU) 2016/679 zum Schutz natürlicher Personen bei der Verarbeitung personenbezogener Daten und zum freien Datenverkehr haben Sie das Recht auf Zugang, Berichtigung und gegebenenfalls Löschung Ihrer personenbezogenen Informationen. Sie haben zudem das Recht, Ihre erteilte Einwilligung jederzeit zu widerrufen.
Weiterhin können Sie, außer in Fällen, in denen die Verarbeitung Ihrer Daten verpflichtend ist, Widerspruch einlegen, wenn dieser rechtmäßig begründet ist.
Wenn Sie diese Rechte ausüben und/oder Einsicht in Ihre Informationen nehmen möchten, können Sie sich unter den im Formular angegebenen Kontaktdaten an die zuständige Verwaltungsbehörde wenden. Sie haben außerdem die Möglichkeit, bei der Nationalen Kommission für den Datenschutz Beschwerde einzulegen (Commission nationale pour la protection des données, 15, boulevard du Jazz L-4370 Belvaux).
Wenn Sie Ihren Vorgang fortsetzen, akzeptieren Sie damit, dass Ihre personenbezogenen Daten im Rahmen Ihres Antrags verarbeitet werden.
Online-Vorgang
Who to contact
-
Luxembourg Financial Sector Supervisory Commission (CSSF)283, route d'Arlon
L-1150 Luxembourg
Luxembourg
Postal address :
L-2991
Phone : (+352) 26 251-1Fax : (+352) 26 251-601
