The Joint Committee of three European Supervisory Authorities (EBA, EIOPA and ESMA) (ESAs) have published a report on the application of their guidelines on complaints-handling. The report assesses how the guidelines have been applied since they came into force by using input provided by 44 national competent authorities (NCAs) from 29 countries. In particular, it describes the extent to which the objectives of the guidelines have been achieved and the supervisory actions that NCAs have undertaken as a result of their national implementation, including the steps taken to identify good/ poor practices by firms together with the challenges faced.
The report concludes that the guidelines have contributed to a consistent approach to complaints-handling across the banking, insurance and securities sectors and have resulted in better outcomes for consumers. The ESAs therefore consider that there is no need for revising the guidelines at this stage.