ALBANY, N.Y.— Guidance around regulated virtual currency entities (VCEs) aimed at maintaining and implementing effective policies and procedures to promptly address customer service requests and complaints has been issued by the New York State Department of Financial Services (DFS).
The guidance requires VCEs to collect relevant data so that the department can assess whether they are resolving customer service requests and complaints in a timely and fair manner.
“Consumers have a right to a transparent and timely process for resolving complaints and answering questions, irrespective of the company or product in question,” New York DFS Superintendent Adrienne A. Harris said in a statement. “This guidance outlines clear expectations for a positive customer experience, which benefits both consumers and business.”
What Guidance Does
The DFS said the guidance:
- Reflects the department’s expectations of VCEs regarding customer service policies and procedures, including channels or mechanisms, response and resolution monitoring, and reporting.
- Requires licensees to maintain for departmental review records of their own policies and procedures, as well as quarterly analysis of requests and complaints they receive.
- Through examinations and supervisory monitoring, will allow the department will assess the application of these policies and procedures as well as their efficacy.
Policies & Procedures
The DFS said commonly effective policies and procedures, including:
- Providing customers with both a phone and electronic text mechanism to submit requests and complaints, in addition to any other methods to submit requests and complaints a VCE may have
- Providing regular updates and estimated resolution timelines to the customer, providing a means for the customer to stay apprised of the status of their request or complaint, and providing an explanation when the outcome of an issue is less than what the customer was seeking
- Publishing an FAQ or similar communication without requiring an account to log in
- Tracking requests and complaints, along with feedback on customer satisfaction
- Reporting a quarterly tabulation of the number of requests and complaints received, broken down by method and request/complaint topic. The tabulation must include the average time from receipt to resolution of the requests and complaints
- Providing a copy of their customer service and complaint policies and procedures, including provisions that align with the standards described throughout the guidance
- Specifying the individual or individuals responsible for the customer service and complaint policies and procedures
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