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CVM discloses guidelines to intermediaries on handling customer complaints


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This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content in its original language here.

Autarchy indicates focus on improving the level of information to the user and strengthening the service and ombudsman channels

In view of the growing number of doubts and complaints from investors in the Citizens’ Assistance Service (SAC) of the Brazilian Securities Commission (CVM), as well as the continuous increase of investors in the capital market, the Market Relations and Intermediaries Superintendencies ( SMI) and Investor Protection and Orientation (SOI) jointly issue circular letter with guidelines on the proper handling of customer complaints.

“Based on the experience that CVM has had in citizen guidance services and supervision of intermediaries regulated by the Municipality, the need for areas to recommend improvements in the treatment of problems and cases of controversy between the intermediary and the client was observed. Our objective is to demonstrate, in a simple and direct way, the current dynamics of receiving complaints at CVM and the possibilities for improvements in the transparency of intermediaries ”.

Carlos Eduardo Pereira da Silva, Business Analysis Manager at SMI / CVM.

According to the SMI manager, an unsolved dispute with the intermediary can bring risk to the image of the securities market and the CVM’s mission is to guarantee the integrity of this segment. “It is for this purpose that the CVM acts in the regulation and supervision of the market, promoting adequate and quality conditions for serving these investors in intermediating their operations in regulated securities markets”, added Carlos Pereira.

CVM Recommendations

  • Complaint sent to CVM: every complaint sent directly to the Municipality through the Citizen Service (SAC-CVM) should aim to request support to resolve operational issues inherent to the service provided by the financial institution, which, in theory, could have been resolved by the channels usual customer service or, alternatively, the ombudsman services.

It is important to forward as much information as possible, including documents sent by intermediaries, screen prints, telephone recordings, photos, videos or any other elements that help to prove a complaint. This allows for faster referral of the case, making sure the investor will have their complaint properly analyzed.

It is also possible to forward a complaint to the Losses Recovery Mechanism (MRP).

  • Improvement and strengthening of the intermediary and ombudsman service channels: fundamental to make the channels available in places of easy access to the user on the intermediary’s website, in his “home broker” and in applications, as well as in other interfaces offered to the client. They must be clear and effective in their interactions with customers, in addition to indicating the complaint channels with the CVM and MRP.
  • Role of the Ombudsman: it is not restricted to the adoption of measures to solve customer demand. They should recommend corrective measures for frequent problems and continually improve the functioning of customer services.

“CVM, within its competence, acts strongly in the regulation, establishing several duties of conduct that involve diligence, loyalty, good faith of the intermediaries in relation to its clients, as well as the duty to verify the adequacy of products, services and operations aligned to the client’s profile, in addition to the provision of ombudsman and procedures for situations of interruption of critical business processes ”.
Francisco José Bastos, Superintendent of SMI.

“CVM has the role of guiding investors and encouraging financial inclusion and education. The number of investors has been growing more and more and, in view of this scenario, it is essential that the Municipality alert so that the service and ombudsman channels are adequate to deal with the number of inquiries and complaints, as well as with the type of demand presented by users, especially those less familiar with the capital market. The circular letter is another means of guiding intermediaries about their roles and investors on how to properly handle their complaints to the CVM or to the MRP ”.

José Alexandre Vasco, Superintendent of SOI.

See all the details of CVM’s recommendations at Circular Letter CVM / SMI / SOI 01/20.

Also worth reading!

To learn more about the MRP, also take the time to read the CVM Notebook 13, dedicated to the topic. The material is available on the Investor Portal!

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Regulator Information

Abbreviation: CVM
Jurisdiction: Brazil

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