SEC may sanction operators over complaint management framework


The Securities and Exchange Commission (SEC) has intensified efforts to implement the complaints management framework introduced last year, following slow compliance to the policy.

SEC had developed rules on complaints management in February 2015 as part of efforts to restore investor confidence in the Nigerian capital market.

The rules outlined a new and more responsive complaint management framework that requires SEC, Self-regulatory Organisations (SROs) and capital market trade groups/associations to establish fair, impartial and objective complaints management policies for the handling of investor complaints.

This framework was expected to significantly improve dispute resolution within the market and ultimately reduce infraction rates as it streamlines the complaints management process.

However, the framework has not been complied with by market operators due to the inability of some trade groups to develop their respective complaints management policies and of the refusal of the operators to register with trade groups.

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