In certain cases, complaint handling and settlement may take longer than usual. However in such cases the concerned POC/sub-POC will be fully responsible for regularly following up with relevant forums to expedite resolution and to report the same on a regular basis to form part of complaint status and ageing reports circulated to relevant authorities within SECP.

The concerned POC/sub-POC will also be responsible for updating the complainant regarding complaint status on a monthly basis.

Such exceptions appear below:

I. Subjudice Matters
After accepting to handle a complaint it becomes evident that the complaint was already subjudice at the time of filing or that it became subjudice during the complaint handling process, the fate of all such complaints will rest with the relevant legal forum.

II. Matters under adjudication at the SECP
All matters which have been or shall be taken up by the SECP for adjudication for example cancellation of returns under section 468 and buy back of shares due to loss of investment.

III. Whistle Blowing/Manipulation/Fraud
All complaints which require probe by SECP or are already under investigation with relevant officers of the SECP.

IV. Suspended/Defaulted/Non Active Brokers
Complaints against brokers who have been suspended/defaulted/non active, are dealt at the Stock Exchange Level under the default management mechanism defined in their regulations and therefore subservient to the defined structure of such regulations. Also disputes with active brokers which have been referred for arbitration.

V. Low Return on Investment, Non Declaration of Dividend and Refund of Funds from Delisted Companies
Return on investment is a market mechanism and subject to volatility of the market. Recommendation of declaration of dividend is the prerogative of the board of directors of the company as envisaged in the Companies Ordinance 1984. Similarly obtaining refunds for complainants in context of delisted companies may not be in the locus of control of the SECP.

Complaints and disputes referred to following redress forum available to insurance policy holders:

I. Small Dispute Resolution Committee (SDRC)
Disputes regarding claims filed with SDRC may be raised as complaints to the SECP, only if the matter under consideration has breached the permissible resolution timeframe as defined in the SDRC rules. SDRC has standing instructions to report on fortnightly basis the status of complaints being handled by it.
In case of delay in complaint resolution, the nominated committee specific coordinator will pursue the matter with SDRC and revert to the complainant with further information and guidance within one week of receiving such a complaint.

The permissible timeline for complaint resolution of 45 days will start from the date when the complaint is forwarded by the Commission to SDRC.

II. Federal Insurance Ombudsman (FIO)
If a complaint is already filed for resolution with FIO or the Commission endorses a complaint to FIO. The Federal Ombudsmen Institutional Reforms Act 2013, section 18 provides that “No Court or authority shall have jurisdiction to entertain a matter which falls within the jurisdiction of an ombudsman nor any court or authority shall assume jurisdiction in respect of any matter pending with or decided by an Ombudsman.”

III. Tribunal
If a complaint is filed for resolution with Tribunal or any Court. Insurance Ordinance 2000, section 122 (3), provides that “No court other than a tribunal shall have or exercise any jurisdiction with respect to any matter to which the jurisdiction of a tribunal extends under this Ordinance, including a decision as to the territorial limits and the execution of a decree, order or judgment passed by a tribunal”.
Policyholders’ complaints regarding settlement of claims and issues of pecuniary value will be taken up with the insurers for escalation of resolution process but the same will be forwarded to the appropriate forum if the issue remains unresolved after expiry of 15 days.