Complaints handling disclosure

November 2017

Complaint resolution procedure and information on the CSSF acting as an out-of-court complaint resolution body

Introduction

Pictet Asset Management (Europe) S.A. (the “Management Company”) has adopted a complaints policy, which provides a common, clear and precise understanding of the way in which the Management Company handles clients' complaints, including a clear definition of the roles and responsibilities of the different stakeholders.

The Management Company is subject to the prudential supervision of the Luxembourg financial services regulator, the Commission de Surveillance du Secteur Financier (the “CSSF”).

The purpose of this document is to provide clear, precise and up-to-date information on the Management Company’s implemented procedures for managing client’s complaints which comply with the requirements of applicable laws and regulations1.

Filling a complaint

A complaint can be any written, verbal or electronic communication from a (potential) client or investor to express dissatisfaction and can be submitted free of charge, in an official language of their home country.

If you wish to express your dissatisfaction/complaint, you have to contact your client relationship manag-er or any other direct contact within Pictet Asset Management. When contacting Pictet Asset Manage-ment with a complaint, the following information has to be included:

  • Full name of complainant;
  • Role of complainant on account (e.g. accountholder or representative of client, lawyer etc.);
  • Contact details;
  • Involved account number(s), if any;
  • Information pertaining the complaint (detailed description of the facts underlying the complaint);
  • Relevant document(s) and/or correspondence;
  • Any other detail(s) of relevance regarding the complaint.

You will receive an acknowledgement of receipt of your complaint, together with the name and contact information of the person in charge of its follow-up, within three (3) working days from the date of receipt.

We are committed to provide you with an answer to your complaint within one (1) month from the date of receipt of your complaint. Where an answer cannot be provided within this period, we will inform you of the delay and the date at which the answer is likely to be provided to you.

In the case you might not receive a response or you are not satisfied with the response you received, you may contact the conducting officer of the Management Company  in charge of complaint handling (the “Conducting Officer”), who shall handle the complaint with the support of the compliance team:

Mr Laurent Moser
Conducting Officer in charge of complaints handling
15, avenue J.F. Kennedy
L-1855 Luxembourg

Referral to the CSSF

If, after that, you still consider you did not receive a complete, clear and justified response, you have the possibility of recourse by opening a procedure to resolve the claim out of court with the CSSF. Please note that you may file your request with the CSSF within one (1) year after you filled your complaint with the Management Company. 

The opening of the procedure for an out-of-court resolution of complaints to the CSSF is subject to the following conditions:

  • you have previously sent your complaint in writing to the Conducting Officer in charge of com-plaints handling, and
  • you must have not received an answer or a satisfactory answer from the Conducting Officer in charge of complaints handling within one (1) month from the date at which your complaint was sent. 

You can refer your complaint to the CSSF in French, German, Luxembourgish or English:

  • By post at the following address:
    CSSF
    Consumer Protection
    283, route d’Arlon
    L-2991 Luxembourg
    Grand Duchy of Luxembourg
  • By fax at the following number:
    (+352) 26 25 1 - 601

In order to facilitate the filing, the CSSF publishes a form on its website, and we request you to submit your request in accordance with CSSF requirements established on the CSSF website and the applicable form available. Please refer to Article 5 (2) of the CSSF Regulation 16-07 relating to out-of-court complaint resolution.

You may not submit an out-of-court resolution of complaints to the CSSF in the following cases:

  • The complaint has been previously or is currently being examined by another alternative dispute resolution body, arbitrator, arbitration tribunal or a court, in Luxembourg or abroad;
  • The complaint concerns the business policy of the Management Company;
  • The complaint concerns a non-financial product or service;
  • The request is unreasonable, frivolous or vexatious;
  • The complaint has not been previously submitted to the Management Company in accordance with above requirements;
  • You have not filed the request with the CSSF within one (1) year after the complaint has been filed with the Management Company;
  • The request handling would seriously impair the efficient functioning of the CSSF.

Analysis by the CSSF of the file relating to the request

Once the CSSF has received a request that meets all the conditions, it will transmit a copy thereof to the Management Company and will ask the Conducting Officer in charge of complaints to take position within a period up to one (1) month from the date at which the file was sent. The CSSF will inform you of this transmission.

As soon as the CSSF is in possession of all the documents or relevant information, it confirms to you and to the Management Company in writing or by way of a durable medium that it has received the complete request and the date of receipt of the complete request.

Within three (3) weeks after receipt of the complete request, the CSSF informs you and the Management Company:

  • If it accepts to treat the request or
  • If it is unable to deal with the request (providing detailed explanation of the reason thereof to the involved parties).

Reasoned conclusion of the CSSF

Once the request analysis has been completed by the CSSF, it will send to the involved parties a conclu-sion letter with the reasons for the position taken:

  • A conclusion letter by the CSSF that the request is partly or totally justified: asking you and the Management Company to contact each other to settle their dispute in view of the reasoned con-clusion and to inform the CSSF of the follow up; or
  • A conclusion letter by the CSSF that the positions of you and the Management Company are ir-reconcilable or unverifiable.

You and the Management Company are informed that the conclusions reached by the CSSF after the analysis of the request may be different from the order of a court applying legal provisions.

We are also informed by the CSSF that due to the fact that the reasoned conclusions of the CSSF are not binding, we are free to accept or refuse to follow them. In the conclusion letter, the CSSF draws our attention to the possibility to seek remedies through legal proceedings; in particular, if we fail to reach an agreement after the CSSF issued its reasoned conclusion.

Once conclusion letter is received by the CSSF, both you as complainant and the Management Company will have to inform the CSSF whether each party decides to accept, to refuse or to follow the solution proposed by the CSSF within the timeframe defined by the CSSF in its conclusion letter.

Duration of the procedure

The CSSF issues reasoned conclusion within ninety (90) days, as from the receipt of a complete request (i.e. in possession of all the documents or relevant information).

In case of highly complex files, the CSSF can extend the 90-day period by informing you and the Man-agement Company of the approximate necessary extension as soon as possible and at the latest before the end of the 90-day period.

Representation and assistance

Please note that you have access to this procedure without having to resort to a lawyer or a legal adviser. However, both you and the Management Company may seek an independent opinion or be represented or assisted by a third party at all stages of the procedure.

Closing of procedure by the CSSF

The CSSF will close the procedure if one of the following occurs:

  • A conclusion letter is sent by the CSSF that the request is partly or totally justified: asking you and the Management Company to contact each other to settle their dispute in view of the reasoned conclusion and to inform the CSSF of the follow up; or
  • A conclusion letter is sent by the CSSF that the positions of you and the Management Company are irreconcilable or unverifiable;
  • CSSF is informed that an amicable settlement between the involved parties is reached during the procedure;
  • In case of a written withdrawal of one of the involved parties (written notification to the CSSF and the involved party);
  • Where the right on which the complaint is based is prescribed and where the Management Com-pany Luxembourg entity claims that the time period for exercising that has expired;
  • Where the complaint has been submitted to a Luxembourg or foreign court or arbitrator;
  • Where the complaint has been submitted to an out-of-court complaint resolution body other than the CSSF in Luxembourg or abroad;
  • Where the complainant does not provide the additional documents, information, explanations or positions requested by the CSSF within the period set by the CSSF that cannot exceed three (3) weeks.

Appendix 1 – Commission de surveillance du secteur financier - Customer complaint form

Click here to access the form

Appendix 2 – CSSF regulation 16-07 relating to out-of-court complaint resolution

Click here to access the regulation