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 service, 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:

  • Full name of complainant
  • Role of complainant on account (e.g. accountholder or representative of client, lawyer etc.)
  • 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 letter of your complaint will be issued within 10 working days from the date of receipt and we will inform you of the contact person who will be in charge of the complaint together with 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 one month 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.

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 Director in charge of complaints who is registered towards the CSSF:

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

Out-of-court resolution of complaints

If, despite our best efforts, you remain unsatisfied with our response or have not received an answer to your complaint within one month of receipt of your complaint, you may refer to the Luxembourg financial regulator according to the provisions of the CSSF Regulation N°16-07 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 fulfill the following conditions:

  • Have sent your complaint previously to the UBS Director in charge of complaints registered towards the CSSF, and
  • you must have not received an answer or no satisfactory answer from the UBS Director in charge of complaints within one month from the date at which your complaint was sent.

You may file your request with the CSSF within one year after the complaint has been filled with the Director in charge of the complaint handling.

Please be informed that your request must be submitted in accordance with 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:

  • The complaint has not been previously submitted to the relevant professional in accordance with 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 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 Director in charge of complaints to take position within a period up to one month from the date at which the file was sent. The CSSF will inform you of this transmission.

Within three weeks after receipt of the complete request, the CSSF informs 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 to the involved parties a conclusion letter with the reasons for the position taken. 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 their 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, to refuse or to 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;
  • 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 UBS 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 weeks.

Commission de Surveillance du Secteur Financier (CSSF)
110, Route d'Arlon
L-2991 Luxembourg
reclamation@cssf.lu

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.