Whistleblower Protection in Finance: Cayman Islands Monetary Authority Unveils New Policy

Introduction

The Cayman Islands Monetary Authority (CIMA) has introduced a new policy aimed at promoting transparency, fairness, and effective complaint handling in its financial services industry. This policy takes effect immediately and outlines the procedures for submitting complaints against CIMA and its employees.

What is a Complaint?

A “complaint” is defined as any expression of dissatisfaction about CIMA’s actions or conduct in exercising its regulatory functions under the Monetary Authority Act (MAA) and other relevant legislation.
Complaints can be lodged by anyone who has been directly affected by CIMA’s activities, including individuals, businesses, and organizations.

Complainants’ Rights

All complaints must provide a clear description of the issue, specifics about the nature of the complaint, and expected outcome requested by the complainant.
Complaints can be submitted online through CIMA’s website, by post to its Grand Cayman office, or hand-delivered to its offices.

Complainants’ Process

The policy outlines a three-stage complaints handling process:

Receipt: CIMA will acknowledge receipt of the complaint and assign an employee to investigate.
Assessment: The assigned employee will conduct a comprehensive investigation, which may involve correspondence with the complainant, requesting meetings or additional information, and examining documents supplied to CIMA.
Internal Review: Complaints that have been deemed unsatisfactory by the complainant can be subject to an internal review. The request for an internal review must be submitted in writing within 30 days of receiving the original outcome.

Commitment to Transparency and Fairness

“CIMA is committed to ensuring transparency and fairness in its operations,” said [Name], CEO of CIMA. “This new policy demonstrates our commitment to effective complaint handling and provides a clear framework for submitting complaints against CIMA and its employees.”

The full policy can be accessed on CIMA’s website.