What should I do if I have a Complaint?
If you have a complaint against a broker, dealer, investment advisor, SPSE, listed company (market participant), or if you have a query regarding the functions, duties or activities of any market participant, there are three courses of action that you can take:
- Register your complaint directly with market participant concerned and forward a copy of this to the CMDA;
- Register your complaint or query with the SPSE and forward a copy of this to the CMDA;
- Register your complaint or query directly with the CMDA.
In all these cases the CMDA acts only as the monitoring agent and will only take action with the market participant if you are not satisfied with the actions taken by the market participant.
What happens if I am not satisfied with the action taken by the market participant?
If you have lodged your complaint and you’re still not happy or satisfied with the answer given to you or the action taken by the market participant then you can appeal to the CMDA by making an application in writing asking the CMDA to look into the matter for you. This application can be in the form of a letter. You must attach to this letter any other documents, correspondence that you may have about your matter. However, if your complaint is against a listed company you must forward your complaint first to the SPSE, the frontline regulator of the listed companies. Should you not be satisfied with SPSE’s actions you may then forward your complaint to CMDA.
How will CMDA deal with my complaint?
The CMDA will write to the market participant concerned and inform them of your appeal. The market participant is given time to reply to the CMDA’s letter. Once this reply is received the CMDA will then decide what course(s) of action to take. If the CMDA is satisfied with the reply then the CMDA will write to you or invite you to come into the office to discuss your complaint. However, if the CMDA is not satisfied with the reply from the market participant then the CMDA may conduct an investigation and make a report to the CMDA Members for appropriate actions against the market participant.
What actions can be taken against market participants?
The CMDA has wide powers under the CMDA Act (1996). The scope of the CMDA action is to investigate possible breaches of the CMDA Act, Regulations and Rules and SPSE Business Rules and if at the end of the investigations beaches of the CMDA Act, regulations and rules are detected, the CMDA may commence disciplinary action against the market participant. Remember that if your complaint is against a listed company the SPSE would conduct their investigations in the first instance as the Self Regulating Organisation and take appropriate action(s) under the SPSE Listing Rules.
Where do I send my complaint?
Level 5, FNPF Place, 343 –359 Victoria Parade, Suva.
P O Box 2441, Government Buildings, Suva.
Telephone: (679) 330 4944, Facsimile: (679) 331 2021,
Level 2, Plaza One, Provident Plaza, 33 Ellery St., Suva.
Telephone: (679) 330 4130, Facsimile: (679) 330 4145
Alternatively, you may email the complaint to firstname.lastname@example.org