Much of the focus of MiFID 2, the Insurance Distribution Directive and other modern regulation is on the fair treatment of customers. The handling of complaints marks out financial institutions as being concerned about their customers and keen to improve their own standards generally. MiFID 2 was the first general EU financial services directive to take the subject seriously and lay down, through its MiFID Org Regulations, some Europe-wide complaint rules. Now, the ESMA/EBA guidelines apply to Cyprus complaint handling well beyond banking and the EIOPA guidelines deal with insurance cases.
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