Newsletter

Complaints Procedure, Grievances and Whistleblowing

FCCF strives to uphold its commitments and be a responsible investor. 

Complaints procedure and Grievances

The Fund recognises that various and different stakeholders, including individuals, groups, and communities, may be interested in contacting the Fund regarding their feedback, concerns, and complaints.

The Fund recognises that various stakeholders may be interested in contacting the Fund regarding their concerns. The Fund has two procedures: one for participants in the Forestry and Climate Change Fund which is defined in Section 2.A..

The other procedure is for any other individuals with grievances or concerns regarding the Fund. We are aware that our financing has a broad impact and, although we strive to ensure that our investees pursue best practices, we understand that this may not always be the case, particularly given the complex operating contexts in which we work. We are always interested to hear concerns and will endeavour to address these as soon as possible. The procedure for grievances is also detailed below.

The Fund also has whistleblowing procedures which enable staff to alert an independent party of any concerns without fear of reprisals. All staff are made aware of the Policy upon joining the Fund.

 

1. General principles

The purpose of this manual is to specify the procedures and principles relating to the processing of customer complaints applicable in connection with the operations and functioning of Investing for Development SICAV (the “Fund”) and its sub-fund: Forestry and Climate Change Fund.

The manual has been developed based on the CSSF regulation n ° 16-07 of October 26, 2016 relating to the out-of-court settlement of claims, which repealed and replaced the CSSF regulation N° 13-02.

Adopted in its latest version dated June 11, 2018 by the Board of Directors, the manual will be kept up-to-date in the event of a change of procedures, to always provide a correct description of the reality and standards to be respected by all those involved in the management of the Fund. As the Fund has the status of “professional”, registered under Part II of the Luxembourg law of December 17, particularly that of “collective investment scheme”, its operation is governed by the provisions of the Act 17 December 2010. As a professional, the Fund undertakes to comply with all the professional obligations, prudential rules and rules of conduct established by the aforementioned law and accordingly assumes the responsibilities arising from the regulations relating to the handling of customer complaints. All employees of the Fund, who will be chosen at any time for their personal reliability, will be constantly aware of these rules and will assume, in the spirit of a culture of caution as required by law and regulation in force, their responsibilities with all the professional conscience and discretion required.

The Conflict of Interest Policy, approved by the Board of Directors of Investing for Development SICAV on February 2, 2016 and amended on 25th November 2019, defines the policy and procedures within the Fund for (i) identifying and preventing circumstances that constitute or create a conflict of interest that may be detrimental to the interests of investors in the Fund; and (ii) the management, monitoring and disclosure of such conflicts of interest as they arise.

2. Claims Management Policy

The amended law of 5 April 1993 on the financial sector provides in article 58 that “the CSSF is competent to receive the claims of the customers of the persons under its supervision and to intervene with these persons, for amicable settlement of these claims. ” Moreover, the CSSF regulation N ° 16-07 on the out-of-court settlement of claims and CSSF Circular 14/589, which is still in force, require professionals of the financial sector to set up and formalize in writing internal complaints management procedures.

A. Definitions

For the purposes of Article 1 (8) of CSSF Regulation No 16-07, a complaint is a “complaint lodged with a professional to have a right recognized or redress an injury”. It is therefore the expression of a dissatisfaction addressed by a client to the Fund due to an alleged malfunction of the latter concerning the services provided and having caused him harm. Simple requests for information, information or advice, as well as all matters relating to the operation of the Fund do not constitute claims. The concepts of client and claimant are limited to the participants in the Fund and, where applicable, their legal heirs or their legal representatives (in the case of legal persons or in the case of a power of attorney given to a third party).

B. Claims procedure

Complaints are sent in writing to Investing for Development SICAV, either by mail to Investing for Development SICAV, 39 rue Glesener, L-1631, L-1930 Luxembourg or by e-mail to complaints@iford.lu. When a customer expresses a complaint by the oral way (at the telephone number (+352) 27 47 35), it must confirm it in writing so that the Fund can register for processing. The client must in all cases indicate his full contact information (last name, first name, address, telephone number), mention the object of his claim and accurately describe the alleged malfunction of the services provided – if applicable, documents in support – so that the Fund’s staff can effectively remedy it.

C. Claims Processing

Any complaint from a customer is dated as the day of receipt by the Fund. An acknowledgment of receipt is sent to the customer within ten days of receipt of the written complaint (this must include the name and contact details (phone, email, etc.) of the person processing the complaint). Acknowledgment of receipt is not required when a response can be provided to the claim within the same time.

All claims submitted in writing to the Fund are recorded in a computer file and kept for at least ten years from receipt. From the beginning of the processing of the complaint, the customer is informed of the details of the contributor of the Fund in charge of his file as well as the consequences that will be reserved to the claim.

Each complaint is handled with diligence, transparency and objectivity by the Fund’s employees, who provide a response to the claimants as soon as possible and at the latest within one month of receipt of the claim. If no response can be provided to the client within the aforementioned period due to the nature or complexity of the complaint, the employee in charge of the file informs the claimant, stating the reasons for the delay and a provisional deadline in which the problem invoked will be dealt with.

When the Fund’s employees notice that a malfunction alleged by a client is well-founded, they inform the Customer Claims Handler who will, if necessary, adapt the procedures of the Fund. All employees of the Service, including the Customer Claims Manager, are constantly informed of all claims made to the Fund, as well as the steps taken to deal with them, to detect recurring operational problems and to be able to remedy it effectively.

Mr. Kaspar Wansleben, Director Asset Servicing, is responsible for the day-to-day management of the entire administrative operations of the Fund and is responsible for ensuring that client complaint handling procedures are followed. He acts as a contact person between the Fund and the clients if they have not obtained a satisfactory answer to their complaints from the Fund’s employees. As the Customer Claims Manager, he is also the Fund’s contact person for any CSSF question relating to the claims of the participants in the Fund.

When a client indicates that the response to his written complaint has not been satisfactory to him, the customer’s customer complaint manager informs him by letter of the existence of the out-of-court complaint resolution procedure before the CSSF and he communicates to him the possibilities to contact the CSSF with a view to a request for out-of-court settlement as well as the arrangements for the filing of such an application, as provided for in Article 5 of CSSF Regulation No 16-07.

Claims from a client who is in a conflict of interest with the Fund by being directly or indirectly associated with it – that is, those relating to a case in which a Fund employee has an interest direct or indirect staff, and in particular those from a contributor of the Fund who is a participant or a close associate of the Fund who participates in the Fund, as well as those from a legal entity in which a Fund employee has a direct or indirect personal interest – are handled by an employee who is a third party in the claimant’s file and / or the relationship that is at the origin of the conflict of interest.

D. The internal control procedure

Pursuant to Article 15 of CSSF Regulation No 16-07 on the out-of-court settlement of claims and the provisions of CSSF Circular 14/589, the Client Claims Manager shall ensure compliance with the relevant policy and related procedures by having them regularly audited by the internal control body of the Fund.

Internal control of the Fund is ensured by the Board of Directors in its role overseeing asset management delegated to the AIFM and the work of the internal asset management team. The Board, which meets periodically to verify and certify the existence and execution of the operations carried out by the AIFM and the Fund, may address any matter related to the Service that it considers worthy of its attention, or that has been submitted to it, and among others , any matter related to the processing of claims by Fund participants.

E. Cooperation with the CSSF

Pursuant to Article 16 of CSSF Regulation No 16-07 on the out-of-court settlement of claims, all staff of the Fund as well as the Client Claims Manager undertake in general to collaborate closely with the CSSF for any question relating to the claims of the participants in the Fund. The Customer Claims Handler communicates to the CSSF, on an annual basis, a table listing the claims recorded by the Fund, together with an analytical report on the means implemented to deal with them. The Fund’s employees also undertake to meet all the requirements imposed on them by the CSSF in the framework of the out-of-court dispute resolution procedure provided for in Section 1 of CSSF Regulation No. 16-07.

Commission de Surveillance du Secteur Financier

Département juridique CC

283, route d’Arlon

L-2991 Luxembourg

Tél.: (+352) 26 25 1 – 2904

Fax : (+352) 26 25 1 – 2601

reclamation@cssf.lu

http://www.cssf.lu/en/consumer/complaints/

Last update: 6/02/2024

 

Grievances

Grievances relate to concerns regarding the Fund or its investments from any individual who is not a participant in or staff of the Fund. The Fund is aware that it finances entities working in challenging contexts.  Although the Fund has rigorous Due Diligence and Monitoring procedures in place, it is aware that concerns may arise in such environments. We are always grateful if we are alerted to any issues so that they can be fully investigated.  Such comments also provide practical benefits to the Fund, helping us to improve the quality of our services and highlighting potential weaknesses.

1. Contact Procedure

Any grievances should be sent in writing to Investing for Development SICAV, either by mail to Investing for Development SICAV, 39 rue Glesener, L-1631 Luxembourg or by e-mail to complaints@iford.lu.

When addressing a grievance to the Fund, please indicate full contact information (last name, first name, address, telephone number), mention the subject of the concern and accurately describe the worries you have so that the Fund can take appropriate actions.

2. Response

The Fund will endeavour to provide an initial acknowledgment of receipt of a grievance within ten days of its receipt. A full response to the grievance may be provided, if relevant and appropriate, at the same time or following an investigation. Depending on the concerns, such an investigation may involve internal research or may be escalated to the Fund’s Governing Bodies, including the Board of Directors.

Each grievance is handled with diligence, transparency, and objectivity by the Fund, which aims to provide a response, where appropriate and applicable, in good time. Please rest assured that any grievance will be treated with discretion and we will take measures to ensure privacy and prevent any possible retaliation.

Last update: 6/02/2024

 

Whistleblowing

EU rules on whistleblowing were agreed in April 2019, and are in the process of being transposed into law. These rules state that 3 channels should be available to whistleblowers:

  • Internal reporting, to the entity in question (ensuring confidentiality of the identity of the reporting person, an acknowledgement of the receipt of the report, staff following up on the report, feedback within a reasonable time frame and information on external reporting)
  • External reporting to the competent authorities (ensuring confidentiality, acknowledgement of receipt, feedback within a reasonable time frame, and communication on the final outcome of investigations)
  • Disclosure to the public domain/ and or press, to be used as a last resort

CSSF Circular 18/698 focuses on the first channel and states that funds should have internal governance arrangements in place which include in particular:

  • “internal communication arrangements including an internal whistleblowing procedure which enables the staff of the IFM to draw the attention of those responsible to all their significant and legitimate concerns related to the internal governance of the IFM;”

This had previously been the focus of CSSF Circular 12/552 Section 5.2.4 which states that:

  • “The institutions shall maintain internal whistleblower arrangements which enable the entire staff of the institution to draw attention to serious and legitimate concerns about internal governance. These arrangements shall respect the confidentiality of the persons who raise such concerns and provide for the possibility to raise these concerns outside the established reporting lines as well as with the board of directors. The warnings given in good faith shall not result in any liability of any sort for the persons who issued them.”

Internal reporting for whistleblowing

Given the limited number of employees within the Fund structure, whistleblowing receipts should be sent to the Chair of the Board of Directors. The Chair will confirm receipt of any whistleblowing emails that he receives and agree to treat the matter confidentially. He/She will also provide reassurance that the whistleblower will not be subject to any retaliation measures such as suspension, dismissal, discipline measures, blacklisting but they shall also not be considered as having breached any legal or contractual restriction on disclosure of information when they make a report or a disclosure. The Chair will be expected to follow up on the whistleblower’s concerns and provide feedback to the whistleblower. Where necessary, the Chair will also provide whistleblowers with information about external reporting, if they want to take their concerns further.

All Fund staff are made aware of the whistleblowing procedures on an annual basis and are aware that if a serious and legitimate concern is reported in good faith, it will not be subject to any retaliation measures and that it will be treated confidentially.