On Sep. 17, GIB GVT issued regulations on complaints handling.
GIB GVT issued the Financial Services (Complaints) Regulations 2026 (LN 2026/335) prescribing complaints handling procedures and communications with complainants for insurance undertakings and insurance intermediaries.
Key Points
Sets out requirements for effective and transparent complaints handling procedures, and that complaints must be processed promptly and reasonably.
Requires insurance providers to have appropriate management controls to identify causes of complaints and keep complainants informed, free of charge.
Insurance providers must investigate complaints competently, diligently and impartially, and offer redress or remedial action when appropriate to do so.
Complaints process must be fair, clear and not misleading.
Sets out procedure for summary resolution communication, informing the complainant that they may refer to the UK scheme (UK FOS) if unhappy with decision if relevant.
Final written response must be sent within eight weeks after complaint received, and time limit for complaints is six years after event which is subject of the complaint or, if later, three years from date the complainant became aware of cause for complaint.
Insurance providers must keep accurate records of complaints received and measures taken for resolution for at least six years after complaint received.
Effectiveness
Regulations come into force on Oct. 17, 2026.
Regulators
GIB GVT
Entity Types
CNSM; Ins
Reference
LN 2026/335, 9/17/2026; Citation: LN 2026/335;
Functions
Complaints; Compliance; Legal; Operations; Record Retention; Reporting; Resolution; Risk
