Page 40 - Annual Report 2024 EN

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Financial Scams Framework (FSF) The Customer Dispute Resolution Scheme (CDRS)

The QFCRA is committed to upholding the integrity of the QFC financial ecosystem by providing the An internal complaint-handling framework is a requirement for authorised firms in the QFC. Where
public with a platform to confidentially submit complaints of alleged financial scams. In 2022, the QFCRA customer complaints are not satisfactorily resolved by a firm’s internal framework, customers can

implemented a dedicated portal to allow parties to refer alleged financial scams involving or representing seek redress through an external independent adjudication process, the CDRS. The CDRS has been

to be associated with authorised firms in the QFC or persons connected with authorised firms. in operation since 2014 and has resulted in a number of successful outcomes for customers.

In 2024, the QFCRA issued a warning to investors and the public about a fraudulent website
2024 Statistics
falsely advertising financial services such as loans, banking products and investments.

Stage in CDRS Process 1 January – 31 December 2024

2024 Statistics
Enquiries to CDRS (whether 71

in or outside jurisdiction)
Stage in FSF Process 1 January - 31 December 2024

Submissions to FSF (whether 7 Out of scope matters 31

in or outside jurisdiction)
CDRS matters assessed 40

Out of scope matters 7 or under assessment

FSF matters under assessment 0 CDRS matters referred to adjudicator 4

FSF matters closed 7 CDRS matters finalised by adjudicator 2