Complaints handling description in UBS Europe SE, Luxembourg Branch

  

Client satisfaction

Potential clients and clients who are satisfied are prerequisite to the long-term and sustained success of UBS Europe SE, Luxembourg Branch ("UBS"). However, despite our commitment and efforts to provide you with the best possible services, it may occur that you are not satisfied with our services or may encounter a specific problem.

UBS is committed to promptly and thoroughly investigate any dissatisfaction from your side. The procedure detailed below will allow us to investigate any dissatisfaction from your side in line with the Luxembourg legal requirements. Management oversight of complaints is ensured through regular internal review and reporting.

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.

If you wish to express your dissatisfaction/complaint, do not hesitate to contact your Client Advisor, Client Relationship Manager or any other direct contact within UBS. When contacting UBS with a complaint, please include the following details:

  • Your full name
  • Your role on the account (e.g. account holder or representative of a client, lawyer etc.)
  • Your contact details
  • Involved account number(s)
  • 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 your complaint.

If we are not able to provide you with an answer within a short time, an acknowledgement of your complaint will be issued, by letter or by any other durable medium (such as e-mail), within 10 (ten) working days from the date of receipt and we will inform you of an indicative timeline by when a response or resolution will be provided.

We are committed to provide you with an answer to your complaint within 1 (one) month upon receipt of your complaint, by letter or any other durable medium. If your complaint relates to payments services, specifically the rights and duties arising under Titles III and IV of the Law of 10 November 2009 on payment services, as amended from time to time, we are committed to provide an answer within 15 (fifteen) working days upon the date of receipt. In case your complaint relates to the confirmation of OTC derivatives, we are committed to provide a response within 5 (five) Luxembourg business days.

In exceptional situations, where the answer to a complaint cannot be provided within the said timeframe for reasons beyond our control, we will send you a holding reply indicating the reasons for the delay and informing you of the alternative date at which the answer is likely to be provided. In any event, the deadline for receiving a final response shall not exceed 35 (thirty-five) working days.

Should you feel that you did not receive a satisfactory answer, you may appeal directly to the Branch Management of UBS Europe SE, Luxembourg Branch, namely to the branch manager in charge of complaints who is registered towards the CSSF:

Mr. Ralf Schröter
Member of the Branch Management of UBS Europe SE, Luxembourg Branch
33A avenue J.F. Kennedy
P.O. Box 2
L-2010 Luxembourg

1. Complaints related to banking activities

Complaints related to banking activities fall under the competence of the Luxembourg financial regulator:

Commission de Surveillance du Secteur Financier (CSSF)
283, route d’Arlon
L-1150 Luxembourg
Postal Address: L-2991 Luxembourg
reclamation@cssf.lu

Out-of-court resolution of complaints related to banking activities

If, despite our best efforts, you remain unsatisfied with our response or have not received an answer to your complaint within the relevant timeframe (as indicated above), you may refer to the Luxembourg financial regulator according to the provisions of the CSSF Regulation N°16-07 and related CSSF Circular 17/671 relating to the out-of-court resolution of complaints.
In order to submit an out-of-court resolution of complaints to the CSSF, you must fulfil the following conditions:

  • You must have sent your complaint previously to the UBS branch manager (as indicated above) in charge of complaints registered towards the CSSF; and
  • You must have received no answer or no satisfactory answer from the UBS branch manager (as indicated above) in charge of complaints within the relevant timeframe (as indicated above).

You may file your request with the CSSF within 1 (one) year after the complaint has been filed with the UBS branch manager in charge of the complaint handling.

Please be informed that your request must be submitted in accordance with the CSSF requirements established on the CSSF website and the applicable form.

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

  • You have not been previously submitted to the relevant professional in accordance with the above requirements;
  • 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 UBS;
  • The complaint concerns a non-financial product or service;
  • The request is unreasonable, frivolous or vexatious;
  • You have not filed the request with the CSSF within 1 (one) year after the complaint has been filed with UBS;
  •  The request handling would seriously impair the efficient functioning of the CSSF.

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

Within 3 (three) weeks after receipt of the complete request, the CSSF will inform you and UBS:

  • 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).

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

  • a conclusion letter by the CSSF that the request is partly or totally justified: asking you and UBS to contact each other to settle the dispute in view of the reasoned conclusion and to inform the CSSF of the follow-up; or
  •  a conclusion letter by the CSSF that the positions of you and UBS are irreconcilable or unverifiable.

In any case, the conclusion reached by the CSSF after the analysis of the request may be different from the order of a court applying legal provisions. Therefore, you as well as UBS are free to accept or refuse to follow them as the conclusions by the CSSF are not binding. You as well as UBS may also seek remedies through legal proceedings, in particular, if we jointly fail to reach an agreement after the CSSF issued its reasoned conclusion.

Upon proposal of solution by the CSSF, both you as complainant and UBS will have to inform the CSSF whether each party decides to accept, refuse or follow the solution proposed by the CSSF within the timeframe defined by the CSSF in its reasoned conclusion letter.

Closing of procedure by the CSSF

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

  • Above situation;
  • The 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);
  • When the right on which the complaint is based is prescribed and when UBS claims that the time period for exercising that right has expired;
  • When the complaint has been submitted to a Luxembourg or foreign court or arbitrator;
  • When the complaint has been submitted to an out-of-court complaint resolution body other than the CSSF in Luxembourg or abroad;
  • When the complainant does not provide the additional documents, information, explanations or positions requested by the CSSF within the period set by the CSSF (which cannot exceed 3 (three) weeks).

UBS is committed to co-operate in the investigation process and will provide the CSSF with a comprehensive, as possible, answer within the context of the handling of complaints and requests.

2. Complaints related to insurance distribution activities (“IDA”)

Definition and competent authority

As per EU Directive 2016/97, “’Insurance distribution’ means the activities of advising on, proposing, or carrying out other work preparatory to the conclusion of contracts of insurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including the provision of information concerning one or more insurance contracts in accordance with criteria selected by customers through a website or other media and the compilation of an insurance product ranking list, including price and product comparison, or a discount on the price of an insurance contract, when the customer is able to directly or indirectly conclude an insurance contract using a website or other media.”

In contrast to section ‎1 (Complaints related to banking activities), complaints related to insurance distribution activities fall under the following competent authority for insurance mediation topics:

Industrie- und Handelskammer Frankfurt am Main
Börsenplatz 4
D-60313 Frankfurt am Main
info@frankfurt-main.ihk.de

Out-of-court resolution of IDA related complaints

In accordance with the Insurance Contract Act 2008 §214, the client may refer to the “Versicherungsombudsmann e.V.” (the Insurance Ombudsman Association, further referred to as the “Ombudsman”), which is a state-approved consumer arbitration board based in Berlin, Germany.

Versicherungsombudsmann e.V.
Postfach 08 06 32
D-10006 Berlin
Phone: 0800 369 6000
www.versicherungsombudsmann.de

The purpose of the association is the promotion of out-of-court dispute settlement with consumers, especially regarding insurance contracts or the procurement of those.

The proceedings are ruled by the German consumer dispute settlement act, whereas the code of procedure for complaints concerning procurement of insurance contracts (VermVO) applies.

The Ombudsman should be involved as soon as possible after submitting your claim to UBS acting as insurance agent. The language of the Ombudsman is German. You have to make sure that you submit your concerns to the Ombudsman correctly and completely. You may at any time withdraw your claim from the Ombudsman.

The Ombudsman is only concerned with claims, if:

  • They concern procurement of an insurance contract;
  • The complainant is policy holder; and
  • They concern an insurance agent or broker.

For more information regarding a submission of a request for out-of-court complaint resolution with the Ombudsman (information and form), please consult the following links:

As an alternative to contacting the Ombudsman, you may contact the corresponding competent institution for out-of-court resolution of complaints in your country of residence.

You may find a list below of the competent authorities depending on your country of residence:

Country

Institution

Address

Website

Belgium

Ombudsman des Assurances / Ombudsman van de Verzekeringen (Insurance Ombudsman)

Square de Meeûs 35, BE-1000 Brussels

www.ombudsman.as

Denmark

Finanstilsynet

Århusgade 110

2100 København Ø

https://www.finanstilsynet.dk/

Forbrugerombudsmanden

Carl Jacobsens Vej 3

2500 Valby

https://www.forbrugerombudsmanden.dk/

Finland

Vakuutuslautakunta (Finnish Insurance Complaints Board and Investment Complaints Board) 

Porkkalankatu 1, FI-00180 Helsinki

www.fine.fi

France

La Médiateur de l'Assurance (Insurance Mediator) 

TSA 50110 – 75441 Paris Cedex 09

www.mediation-assurance.org

Luxembourg

Commissariat aux Assurances

7, boulevard Joseph II, 
L - 1840 LuxembourgGD de Luxembourg

https://www.caa.lu/

Norway

Finansklagenemnda (The Financial Services Complaints Board) 

Drammensveien 145A Oslo

https://www.finkn.no/

Spain

Servicio de Reclamaciones de la Dirección General de Seguros y Fondos de Pensiones (DGSFP) (Complaints Service of the Directorate-General of Insurance and Pension Funds)

Paseo de la Castellana, 44
ES-28046 Madrid

http://www.dgsfp.mineco.es/

Sweden

Allmänna reklamationsnämnden (ARN) (National Board for Consumer Disputes)

Box 174

101 23 Stockholm

https://www.arn.se/