Page 83 - Annual Report 2016 EN

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Verifying authorisation of financial Consumer protection
services firms in Qatar
The Customer Dispute Resolution Scheme (CDRS) is designed to
Consumers seeking financial services or advice from a firm should resolve disputes between customers of authorised firms in the Qatar
first verify that the firm is properly authorised to conduct financial Financial Centre and the firm in question. It is open to all custom-
services. ers of Qatar Financial Centre authorised firms and is available if
the customer is unable to resolve the dispute directly with the firm
It is equally important for the consumer to ascertain that a firm has through its internal complaints system.
protections in place for the consumers it serves, and that those
protections are sufficient for the consumer’s specific financial Most complaints are resolved directly with the firm. Where this has
circumstances. not been possible, the CDRS provides a process whereby the dis-
pute can be considered by an independent adjudicator, who will
A firm that is licensed or authorised will be able to provide imme- make an adjudication which is binding on the firm.
diate confirmation by referring the consumer to the public records
maintained by their regulator. The Regulatory Authority’s role in the process is an administrative
one, including ensuring an efficient process and timely outcomes for
Firms that are authorised by the QFC Regulatory Authority are listed the parties. During 2016, eight referrals were made to the indepen-
on the Public Register on the QFC Regulatory Authority’s website dent adjudicator. Four complaints were upheld for the customer
at: www.qfcra.com
and four for the firm. Of the issues referred, disputes relating to the
proper communication of terms and conditions of investment and
insurance products were a recurring theme.