This complaints handling procedure (hereinafter referred to as the Procedure) of Fincryptou UAB (hereinafter referred to as the Company) establishes the procedure for handling complaints lodged against the Company by its Clients and related internal processes.
The requirements set in the Procedure are applicable in regard to receiving, registering, dealing with and deciding on Complaints related to the Services provided by the Company as a licensed Crypto Asset Service Provider.
Terms used in the Procedure:
Client – a legal person or Consumer, who has entered into agreement with the Company for the provision of Services.
Company – Fincryptou UAB, a private limited company, legal entity code 306068445, registered office address Vytenio g. 9-101, LT-03113 Vilnius, Lithuania, a crypto-asset service provider registered as a virtual currency exchange operator with the Register of Legal Entities of the Republic of Lithuania.
Complaint – statement of dissatisfaction addressed to the Company by one of its Clients relating to the provision of one or more Services.
Complaint Register – an electronic register of Complaints in which the Company registers Complaints received by entering the information as it is specified in Chapter 6 of the Procedure.
Consumer – a natural person, seeking to use the Services or enter into contracts with the Company for its own purposes which are not related to his/her business or professional activities, family, or household needs.
Person Handling the Complaint – a person who is assigned to handle the specific Complaint, including collecting information required for the assessment of the Complaint, making a decision and submitting the response to the Client.
Services – crypto-asset services provided by the Company.
Website – website of the Company through which the Service is offered, i.e. https://www.fincryptou.com/.
The Procedure shall establish appropriate management controls and ensure that the Company shall take reasonable steps to:
ensure the organization of the process of managing and resolving the Complaints promptly, quickly, fairly, efficiently and properly;
adhere to the deadlines for dealing with Complaints;
process the personal data and other information provided by the Client in accordance with the requirements established by legal acts;
allocate adequate resources for the Complaints handling process, including personnel who have the sufficient skills, knowledge and experience to perform the entrusted tasks, by also providing them access to all the information and training needed to deal with Complaints;
avoid any conflicts of interest, take all necessary measures to identify and eliminate conflicts of interest;
accept all Complaints submitted to the Company by Clients, including through an authorized legal representative;
keep proper and organized records of the Complaints received and information on the measures taken to resolve the Complaint;
monitor the effectiveness of the Complaints management processes and update them when necessary;
establish, maintain and operate an internal communication (information) system to ensure an effective Complaints management process.
The Procedure is prepared in accordance with the following legal acts:
Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937
COMMISSION DELEGATED REGULATION (EU) …/… of XXX supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards on the requirements, templates and procedures for handling complaints;
Law on Markets in Crypto-Assets of the Republic of Lithuania;
Resolution No. 03-105 of 6 June 2016 on Handling of Complaints Received by Financial Market Participants of the Bank of Lithuania.
LODGING AND ACCEPTING COMPLAINTS
Complaints shall be submitted in writing by filing a Complaint:
via the Website following the link
Complaints are filed and handled free of charge.
Complaints may be lodged in the following languages: Lithuanian, English, and Turkish.
Complaints may be lodged using the templates in all the languages indicated in Clause 2.3, which are provided in Annex 1 (hereinafter referred to as the Template). Notably, the use of the Templates is not mandatory, and the Complaints may be submitted in a free form containing the information provided in Clause 2.5.
The Complaint must contain the following information:
Personal data of the Client:
Name and surname for natural persons or name of legal person for legal entities;
ID number for natural persons or registration number for legal persons;
LEI (if available) for legal persons;
Client reference (if available);
Address (registered address) of the Client, including street, number, floor, postcode, city, and country;
Telephone;
Email address;
If the Client is represented by another person – name and surname (legal entity name), registration number and LEI (if applicable), address (registered office address), telephone, email of the representative, and the basis of representation, including respective representation document;
Information about the Complaint:
Full reference of the crypto-asset service or agreement to which the complaint relates;
Description of the complaint’s subject-matter (supported by documentation);
Date(s) of the facts that have led to the complaint;
Description of damage, loss, or detriment caused (where relevant);
Other comments or relevant information (where relevant);
Date of Complaint submission;
List of documents enclosed together with the Complaint (such as Power of Attorney or other relevant documents, copy of the transaction to which the Complaint relates, and other documents supporting the Complaint);
Signature of the Client or the Client’s authorized representative.
The Client should provide all documents supporting the Complaint’s facts (arguments) and lodged claims.
If the Complaint is lodged by the legal representative of the Client, the Complaint must be accompanied by a valid authorization or other document certifying the right of the representative’s powers to lodge a Complaint and receive a response from the Company.
The Complaint to the Company should be submitted not later than within 3 (three) months from the day the Client became aware or ought to have become aware of the violation of their rights or lawful interests.
The Complaint is admissible when:
The subject matter of the Complaint considers the Company’s Services, and the claims are related to the activities the Company is responsible for (i.e., relates not to unregulated activities of the Company or where the Company is not responsible for the activities related to the Client’s claims);
It is prepared in the language specified in Clause 2.4;
The Complaint is submitted not later than 3 (three) months from the occurrence of the circumstances or the moment the Client acknowledged circumstances that potentially led to the breach of their rights;
The Complaint is not anonymous, and the Client’s (and authorized representative’s, if applicable) personal and contact details are duly provided, so that they are sufficient to identify and reach out to the Client, i.e., in accordance with Clause 2.5.1 and 2.5.2;
The subject matter of the Complaint and, if applicable, description of damage, loss, or detriment caused, are clearly disclosed.
The submitted Complaint shall be assessed to determine if it is compliant with the requirements of admissibility set out in Clause 2.9 of the Procedure.
If the Complaint meets the requirements of admissibility set out in Clause 2.9, it shall be accepted, and a notice of acknowledgment that the Complaint has been accepted (hereinafter referred to as the Notice of Acceptance) is sent to the Client as soon as possible and no later than within 5 business days from the receipt of the Complaint. The Notice of Acceptance will include the following information:
The identity and contact details, including email address and telephone number, of the Department to which the Complainant can address any query related to the lodged Complaint;
The date of receipt of the Complaint;
Timeline for handling the Complaint as indicated in Clause 3.7;
Where an electronic Complaint form is filed, a copy of the Complaint filed by the Client.
If the Complaint does not comply with the requirements of admissibility set out in Clause 2.9 of the Procedure, the Client shall be notified without undue delay but as soon as possible and not later than within 5 business days by sending a notice of acknowledgment indicating a clear explanation of the reasons for rejecting the Complaint as inadmissible, and, if relevant, indicating a financial market participant responsible for handling such claim.
With the acknowledgment of the receipt of the Complaint as per Clause 2.11 and/or 2.12, the Company should also provide the Client with a description of the Procedure.
COMPLAINT HANDLING AND DECISION MAKING
The Company shall seek to handle Complaints as promptly and comprehensively as possible. The Company shall handle Complaints in accordance with the principles of respect for human rights, justice, good faith, reasonableness, objectivity, impartiality, operation, and other principles established in the legal acts of the Republic of Lithuania and European Union applicable to the Company.
When the Complaint is received within the Customer Support Department, it is assigned to the Person Handling the Complaint, who shall assess whether the Complaint is admissible (per Clause 2.9) and shall inform the Client about the admissibility/inadmissibility of the Complaint as per Clause 2.11 or 2.12.
Upon receipt of an admissible Complaint, the Person Handling the Complaint shall, without delays and no later than within 3 business days after sending the Notice on Acceptance, assess whether the Complaint is clear and complete. In particular, they shall assess whether the Complaint contains all relevant information. Where the Person Handling the Complaint concludes that a Complaint is unclear or incomplete, they shall request any additional information necessary for the proper handling of the Complaint from the Client, asking to provide it within a specified time limit, which may not be less than 5 business days.
The Person Handling the Complaint shall collect and evaluate all documents and data related to the Complaint in question, which have been submitted by the Client and which the Company may legitimately collect on its own initiative. They shall not require from the Client information that is already in the Company’s possession or that should be in their possession.
The Person Handling the Complaint shall keep the Client duly informed about any additional steps taken to handle the Complaint. They shall reply to reasonable information requests made by the Client without any undue delay, but not later than within 5 business days.
It should be ensured that the Complaint is handled without conflicts of interests. If the Complaint is lodged regarding the actions (inactions) of the Person Handling the Complaint or the actions (inactions) of his/her close relatives (if such are employed in the Company), or other circumstances that impede the objective judgment of the Person Handling the Complaint, the Person Handling the Complaint shall notify the Operations Manager and disengage from handling such a Complaint, and another competent person should be appointed to handle the Complaint in respect with the Company’s Conflicts of Interest Policy.
The Complaint shall be examined, and a response shall be submitted to the Client by the Person Handling the Complaint without undue delay but in any case no later than within 15 business days from the day of receipt of the Complaint. If the Complaint, in exceptional cases, is due to circumstances not in control of the Company and cannot be examined within the period specified in this paragraph, the Person Handling the Complaint must inform the Client by sending an intermediate answer and indicate the circumstances of the delay in replying and the deadline by which the Complaint will be examined. An answer shall be submitted to the Client. Where the deadline is extended, the final decision must be submitted to the Client no later than within 35 working days from the Notice of Acceptance.
The Person Handling the Complaint shall prepare a response (decision) in the light of the circumstances identified during the Complaint handling process and, if applicable, take one of the following decisions:
to dismiss the Complaint;
to partially satisfy the claims specified in the Complaint;
to fully satisfy the claims specified in the Complaint.
If, during the Complaint handling process, the Client who has lodged the Complaint waives his/her claim in writing, the Person Handling the Complaint shall terminate the Complaint examination. In such a case, a respective entry of the waiver of the Complaint and termination of the Complaint examination process shall be made in the Complaint Register.
When the Client is provided with the decision specified in Clauses 3.8.1 and 3.8.2 of the Procedure, the Client shall be informed about the reasons leading to such a decision and available remedies, including but not limited to Chapter 9 of this Procedure. In the decision on such a Complaint, all points raised in the Complaint should be addressed and the reasons for the outcome of the investigation should be stated.
It must be ensured that decisions are consistent with any previous decision taken by the Company in respect of similar Complaints, unless there are circumstances allowing to justify why a different conclusion is drawn.
COMMUNICATION WITH CLIENTS
When handling Complaints, Persons Handling the Complaints must communicate with Clients in a clear and plain language that is easy for Clients to understand.
Any communication to the Client under this Procedure (including the decision) should be made in the language in which the Client filed the Complaint, provided that the language used by the Client is one of the languages referred to in Clause 2.3.
The communication with the Client with respect to this Procedure, including the response, should always be in writing and carried out primarily through electronic means via info@fincryptou.com or, upon the Client’s request, in paper form by post to the Client’s address.
PUBLICATION OF THE PROCEDURE AND TEMPLATES
The Company shall publish an up-to-date clear description of the Procedure on the Website (https://www.fincryptou.com), as well as the Templates, in all languages specified in Clause 2.3 and ensure that both are easily accessible on https://www.fincryptou.com.
The description of the Procedure provided on the Company's website shall be clear, accurate, relevant and shall include the following aspects:
The information that the Client must indicate in the Complaint (Clause 2.5 of the Procedure) and the possibility to use Templates;
Contact details for submitting the Complaint to the Company;
The term within which the Company must examine the Complaint;
Information that Complaints are handled free of charge;
Information on the Client's possibility to apply with the Complaint to the competent Complaints review institution (Chapter 9 of the Procedure).
The Description of the Procedure must also be provided to the Client upon the Client’s request and at the time of acknowledging the receipt of the Complaint (as indicated also in Clause 2.13).
REGISTERING COMPLAINTS
The member of the staff of the Company, who has accepted the Complaint, shall register the Complaint in the Complaint Register (Annex No. 2) with a respective reference number.
When registering the Complaint, the details listed in Clause 6.4 of the Procedure shall be entered and an electronic version of the Complaint shall be enclosed (if the Complaint is lodged by mail or delivered to the Company's registered office, the Complaint including all annexes thereto shall be scanned).
After the Complaint has been registered, the employee of the Company, who has accepted the Complaint, shall not later than on the next business day refer the Complaint including all annexes thereto to the Assigned as the Person Handling the Complaint for that specific Complaint.
The following data shall be entered into the Complaint register:
Client’s full name (for natural persons) or name (for legal entities);
Client’s address specified in the Complaint and other contact details;
Date of the Complaint receipt and its receipt method;
Date when the notice on acknowledgement was sent;
Essence of the Complaint (brief contents);
Company’s Services in respect to which the Complaint is lodged, their types;
Date of sending a decision (reply) to the Client;
Final Complaint handling outcome (decision);
Information about the Person Handling the Complaint (examining the Complaint and providing a decision) – name and position of the employee of the Company;
Additional important information, if any.
The Company collects and, at the request of the Bank of Lithuania, must provide information on the number of received Complaints, broken down by the reasons for submission and the results of the examination (received complaints, examined complaints, satisfied complaints, partially satisfied complaints).
ANALYSIS OF DATA ON COMPLAINTS
To ensure a consistent Complaints handling process, as well as to identify deficiencies and potential legal and operational risks, the Company must on an ongoing basis analyse the Complaints handling data.
For this purpose, the Operations Manager must collect and analyse the following data:
The information on similar complaints related to the same Service or product;
The average processing time, for the relevant period under consideration, for each step of the Complaints handling procedure, including acknowledgement, investigation, response time;
The number of Complaints received, for the relevant period under consideration, and for each step of the Complaints handling procedure, the number of Complaints where the Company did not comply with the maximum time limits set out in the Procedure;
The categories of the topics to which Complaints relate (e.g., Services, key issues, etc.);
Outcomes of investigations:
The number of Complaints that resulted in final notice (resolved);
The number of Complaints that resulted in final notice (rejected);
The number of Complaints that resulted in a summary resolution (resolved).
The Operations Manager, based on the analysis, should:
Identify the main causes of the occurrence of the Complaints, as well as prioritize the elimination of such causes;
Assess whether the underlying causes of certain Complaints may lead to Complaints about other services of the Company;
Analyse whether the underlying causes of Complaints can be eliminated and make suggestions for such measures.
The Operations Manager should, at least annually or more often if required, present the analysis of the data on Complaints handling to the Board, including repetitive and systemic reasons for the Complaints, together with suggestions on addressing the underlying causes of the Complaints.
CONTROLLING THE COMPLAINT MANAGEMENT PROCESS
8.1. The Procedures should be defined and endorsed by the Board of the Company, which shall also be responsible for monitoring its proper implementation and review, and evaluation of the effectiveness of the Procedure at least on an annual basis, and shall take appropriate measures to correct the deficiencies found.
8.2. The Complaints within the Company are handled within the Customer Support Department. The Company must ensure that adequate staff and other resources are continuously dedicated to the management of the Complaints, and staff performing this role have access to all relevant information within the Company to be able to duly perform their functions.
8.3. The Company shall communicate the Procedure to all relevant staff and provide appropriate training for such staff.
8.4. The Operations Manager shall be in charge of Complaints management process within the Company and resources indicated in Clause 8.1. The Operations Manager reports directly to the Board on the implementation and effectiveness of the Complaints handling procedures, including data for analysis of the Complaints management process, and on any actions to be taken in response thereto, and gives suggestions for the amendments and/or supplements to the Procedure as provided in Chapter 7.
8.5. In order to ensure smooth Complaints handling process, main responsibilities of the Operation Manager shall be to:
8.5.1. monitor and assess the implementation and effectiveness of the Complaints handling procedures, and make suggestions to Board on improving the Complaints handling procedures;
8.5.2. collect and analyse Complaints handling data in accordance with Chapter 7 and present the results to the Board, and make suggestions on addressing the underlying causes of the Complaints, if possible;
8.5.3. advise the Persons Handling the Complaints on uncertainties and issues arising during the Complaint handling process;
8.5.4. organizing training on Complaints handling for the relevant staff of the Company;
8.5.5. monitor the performance of the persons involved in the Complaints handling process;
8.5.6. ensure that the Complaints Register is properly maintained;
8.5.7. ensure that records in respect to the Complaints are duly kept, etc.
8.6. Having assessed the suggestions made by the Operations Manager on the improvement of Complaints handling process, the Board of the Company shall make decisions on the amendments of the Procedure and approve the course of actions for the elimination of root causes of Complaints as relevant.
8.7. At all times it must be ensured that the conditions a Complaint shall meet to be considered admissible and complete are fair, reasonable and do not unduly restrict the rights of Clients to file a Complaint.
DISPUTE RESOLUTION IN COMPETENT INSTITUTIONS
9.1. If the Client is considered to be a Consumer and believes that his/her Complaint has not been addressed properly, he/she has the right to apply for an out-of-court dispute resolution procedure to the Bank of Lithuania or directly to the court.
9.2. The Consumer may apply to the Bank of Lithuania in English or Lithuanian for an out-of-court dispute resolution within 1 year from the day of submission of the Complaint to the Company in the following ways:
9.2.1. Through the online dispute settlement platform using the E-Government Gateway;
9.2.2. By filling in the Consumer Application Form and sending it to the Bank of Lithuania at Totorių g. 4, 01121 Vilnius, Lithuania or via e-mail at prieziura@lb.lt;
9.2.3. By filling a free-form application and sending it to the Bank of Lithuania at Totorių g. 4, 01121 Vilnius, Lithuania or via e-mail at prieziura@lb.lt.
9.4. Before contacting the Bank of Lithuania, the Client must first lodge the Complaint with the Company.
9.5. In case the Client believes that the Company has breached certain provisions of legal acts regulating the financial market, the Client may submit a notification to the Bank of Lithuania, in Lithuanian or English language, by filling in the application form as specified on the website of the Bank of Lithuania and sending it in writing or by electronic means to: Totorių St. 90, 01121 Vilnius, Lithuania or via e-mail at prieziura@lb.lt.
9.7. Clients who believe that their Complaint has not been dealt with properly shall have the right to apply to the court in the manner prescribed by legal acts.
FINAL PROVISIONS
10.1. This Procedure shall come into force from the moment of its approval, and it may be amended by the decision of the Board of the Company. Amendments and/or supplements to the Procedure shall enter into force on the next day following their adoption unless the Board indicates another date of coming into force in its decision. Staff members whose duties relate to Complaints handling must be acknowledged with this Procedure and confirm such acknowledgment by signature. The Operations Manager of the Company must ensure that the relevant Company's staff members are duly acknowledged with the Procedure, and informed in a timely manner of any amendments and/or supplements made to the Procedure.
10.2. Examined Complaints including all documentation, as well as all the decisions of the Board in relations to the operational flaws and risk management indicated through the Complaints handling processes, shall be stored in a separate file in accordance with the procedure established by law, but not less than 5 (five) years from the date of submission of final reply (decision) to the Client.
10.3. Any processing of personal data under this Procedure should be carried out in accordance with the Company’s Personal Data Protection Policy.
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