Complaint handling and legal remedies

In the event of a dispute between a client and Arctica Finance, the client can send a complaint to Arctica Finance. Complaints are handled according to Arctica Finance's general operating rules for handling complaints. Complaints can be made in various ways, e.g. by e-mail (kvortun at arctica.is), by letter, by telephone or at a meeting.

Arctica Finance's policy is to ensure that complaints and other similar matters are dealt with quickly, efficiently and fairly. It includes i.a. to:

• The receipt of the complaint is confirmed and information is provided about its handling.
• Complaints are answered in writing, or in a similar way as they were received, as soon as possible or no later than within four weeks. If it turns out that it is not possible to respond to a complaint within the aforementioned time limits, the person who submitted the complaint shall be informed of the delay, the reasons for it and when a response is expected.
• All necessary information and data about the complaint must be obtained and evaluated objectively. If the client's complaint is unclear so that it is not clear how to respond to it, Arctica Finance shall request more information from the person making the complaint.
• Information is provided to the client in a clear and meaningful manner.
• Arctica Finance's position is justified in writing if the client's complaint is not fully accepted and information is provided about legal remedies.

In Arctica Finance's general operating rules, it says about the handling of client complaints:

Arctica's employees must offer to speak with a client who complains, but this shall not be a condition for the receipt of a client's complaint. The client shall be made aware that he can always direct his complaint immediately to the company's chief executive officer or the compliance officer.

If the client is not satisfied with Arctica's solution, the client shall be advised that he can direct a complaint to the adjudicator according to the Icelandic act on adjudicators in the field of consumer affairs [Act no. 81/2019] or apply to the courts. A complaint can be withdrawn at any stage. A case is dropped if Arctica and the client reach an agreement on its solution. Further information about adjudicators and procedural rules can be found on the website of the Financial Supervisory Authority of the Central Bank of Iceland

.... Proper handling of personal information and the risk of conflicts of interest must be ensured with access controls.

The Complaints Committee on Transactions with Financial Firms

A client can submit a dispute to the Complaints Committee regarding transactions with financial undertakings: 

The Complaints Committee on Transactions with Financial Firms
Guðrúnartún 1
105 Reykjavík
Iceland
Tel.: +(354) 578 6500
email: fjarmal@nefndir.is  

A special appeal form must be filled out and returned or sent by mail to the office of the Financial Supervisory Authority of the Central Bank of Iceland (FME) to request the committee's decision. The form can be obtained from the committee's office or from its website. More information about the committee, fees, who can contact the committee, etc. can be found on the committee's website, and on FME's website. 

Information and guidance services of FME

FME guides clients of financial undertakings in accordance with the government's obligation to guide. See more information on FME's website. 

The Consumer Agency

The Consumer Agency (Neytendastofa) is a government authority in the field of consumer affairs that handles the implementation of various laws in the field of consumer protection. On the Consumer Agency's website among other things information can be accessed about in which cases and in which way consumers can contact the agency if they believe that their rights have been violated. See more on the Consumer Agency's website.

Courts

Parties can submit disputes to the courts.

The Icelandic Financial Institutions‘ Guarantee Fund

Attention is drawn to the Icelandic Financial Institutions' Guarantee Fund for financial companies, which operates according to Icelandic Act no. 98/1999. The aim of the law is to provide depositors and customers of financial undertakings with minimum protection against financial difficulties of financial undertakings in accordance with the provisions of the law. See the law in more detail and more information about the fund, disbursements, etc. on the fund's website.