Complaints, Investigations & Enforcement / Redress Act, 2025

(1) This Act may be cited as the Complaints, Investigations & Enforcement / Redress Act, 2025.

(2) This Act shall come into operation on such date as may be appointed by Order of the Minister responsible for finance and financial services (“the Minister”) and published in the Official Gazette.

In this Act, unless the context otherwise requires—

1. “Authority” means the Neves Licensing Authority established under the Neves Licensing Authority Establishment Act, 2025;
2. “Board” means the Board of the Neves Licensing Authority;
3. “client” means any person to whom a licensee provides, has provided or has offered to provide a product or service;
4. “complaint” means any expression of dissatisfaction from a client or other person in relation to a service, product, behaviour or decision of a licensee or other person overseen by a competent body;
5. “competent body” means the Authority, the Neves Financial Services Authority (NFSA), the Neves Gaming Authority (NGA), or any other body designated by sovereign Act;
6. “enforcement action” includes the use of administrative sanctions, directions or other formal measures provided for under this Act or another sovereign Act overseen by the Authority;
7. “licensee” has the meaning given in the Licensing & Authorisation Act, 2025;
8. “redress” includes restitution, compensation, remediation and any other fair outcome agreed or ordered in favour of affected clients or counterparties;
9. “Rules” means Rules issued by the Authority or a competent body under this Act and approved by the Minister where required;
10. “whistleblower” means a person who, in good faith, reports suspected misconduct or breach of an enactment overseen by a competent body.

(1) This Act shall be read together with and in addition to the Neves Licensing Authority Establishment Act, 2025, the AML / CFT & Financial Crime Prevention Act, 2025, the Market Conduct & Consumer Protection Act, 2025, the NFSA Act, the NGA Act and the Licensing & Authorisation Act, 2025.

(2) Where there is any inconsistency between this Act and another enactment which refers to it, this Act shall prevail to the extent of the inconsistency, unless expressly provided otherwise.

(1) A licensee shall maintain an internal complaints handling process that is fair, timely and accessible to clients.

(2) The process shall, at a minimum—

1. allow clients to submit complaints in writing or through other channels clearly indicated by the licensee;
2. acknowledge receipt of a complaint within a reasonable time; and
3. aim to provide a final response within the timeframe specified in Rules under this Act.

(1) A client or any other person may refer a complaint to the Authority or a competent body where—

1. the licensee has not responded within the expected timeframe; or
2. the complainant is dissatisfied with the outcome of the licensee’s internal process; or
3. the complaint raises matters of wider significance or potential misconduct.

(2) The Authority or competent body may specify the form and minimum information required for such complaints.

(1) The Authority shall establish secure channels through which whistleblowers may, in good faith, report suspected misconduct or breach of an enactment overseen by a competent body.

(2) Whistleblowing channels shall be designed to protect the identity of the whistleblower to the extent consistent with due process and applicable law.

(1) A person shall not subject a whistleblower to dismissal, demotion, harassment or any other form of unfair treatment on account of a report made in good faith under this Act.

(2) A whistleblower who knowingly makes a false report may be subject to sanctions in accordance with applicable law.

(1) On receiving a complaint, the Authority or competent body shall make an initial assessment to determine—

1. whether the complaint falls within its remit; and
2. whether it should be addressed primarily through the licensee’s internal process, through direct oversight, or through an investigation.

(2) The Authority may refer complaints to another competent body or agency where appropriate.

(1) Complaints shall be handled based on risk and impact, taking into account—

1. the number of clients or counterparties affected;
2. the severity of potential harm; and
3. any concerns about fitness and propriety or systemic weaknesses.

(2) The Authority may group similar complaints together for the purposes of coordinated handling.

(1) Where appropriate, the Authority or competent body may seek to resolve complaints through informal engagement, mediation or agreed remediation by the licensee.

(2) Informal resolution does not limit the Authority’s power to open an investigation or take enforcement action where warranted.

Outcomes of complaints may include—

1. no further action where the complaint is not substantiated;
2. remedial steps taken by the licensee to resolve the issue;
3. a formal investigation under Part IV; or
4. referral to another authority or agency where appropriate.

(1) The Authority or a competent body may open an investigation where it has reason to suspect that—

1. a licensee or other person has breached this Act or any enactment overseen by a competent body; or
2. there has been misconduct affecting clients, markets or the reputation of Neves.

(2) An investigation may arise from a complaint, whistleblower report, supervisory work or any other source of information.

(1) For the purposes of an investigation, the Authority or competent body may require any person to—

1. produce documents, records and data in their possession or control; or
2. provide explanations or responses to specific questions.

(2) Information may be required within such period and in such form as the Authority considers reasonable.

(1) Where permitted under another sovereign Act or general law, authorised officers may enter premises of a licensee or other person to obtain documents or information relevant to an investigation.

(2) Entry and any associated powers shall be exercised in accordance with applicable legal safeguards and, where necessary, pursuant to a warrant issued by a competent court.

(1) Investigations shall be conducted in confidence, subject to the need to share information with other competent bodies or law enforcement agencies.

(2) The Authority may disclose that an investigation is underway where it considers that such disclosure is in the public interest or necessary to protect clients.

(1) The Authority or competent body may take enforcement action where it is satisfied that—

1. a licensee or other person has breached this Act, another enactment overseen by a competent body, or a license condition; or
2. a licensee or its principal officers no longer appear fit and proper; or
3. such action is necessary to protect clients, safeguard Neves or uphold market integrity.

(1) Enforcement action may include one or more of the following—

1. written warnings or public statements of concern;
2. direction letters or remedial plans requiring specific actions within set timelines;
3. administrative penalties within the ranges set out in Rules under this Act;
4. temporary or permanent restrictions on specified activities; and
5. referral to the appropriate body for suspension or revocation of a license under the Licensing & Authorisation Act, 2025 or other sovereign Acts.

(2) Enforcement actions shall be proportionate to the nature and seriousness of the breach and applied in a consistent manner.

(1) Administrative penalties may be imposed on a fixed sum basis, on a per-day basis for continuing breaches, or both, within the limits established in Rules under this Act.

(2) In setting the level of any administrative penalty, the Authority or competent body may consider—

1. the gravity and duration of the breach;
2. the degree of cooperation shown by the person concerned; and
3. any mitigating or aggravating factors, including previous history.

(1) Before imposing a significant administrative sanction or restriction, the Authority shall give the person concerned an opportunity to make written representations, unless urgency or the public interest requires immediate action.

(2) The Authority shall keep a written record of the reasons for any enforcement decision.

(1) Where appropriate, the Authority or competent body may seek or support redress outcomes in favour of affected clients, including—

1. refunds or adjustments of fees or charges;
2. corrections of account balances or trading records; and
3. other practical steps to restore clients as far as reasonably possible to the position they would have been in absent the breach.

(1) The Authority may invite or accept voluntary remediation plans from licensees to address harm to clients.

(2) Voluntary remediation does not prevent the Authority from taking enforcement action where warranted by the seriousness of the breach.

(1) Nothing in this Act prevents clients or other persons from seeking compensation through the courts or through other lawful dispute resolution mechanisms.

(2) The Authority may provide information to courts or dispute resolution bodies, consistent with applicable confidentiality obligations.

(1) The Authority and competent bodies may cooperate with each other and with other domestic or foreign authorities, including law enforcement agencies, to share information and coordinate actions, subject to applicable confidentiality and data protection requirements.

(1) The Authority may publish details of enforcement actions, including administrative penalties and key findings, where it considers that publication—

1. supports transparency and market confidence; or
2. has educational or deterrent value.

(2) Publication may be limited or deferred where necessary to protect ongoing inquiries or the interests of clients.

(1) The Authority may issue guidance, including non-binding expectations and good practice notes, in relation to complaints handling, investigations, enforcement and redress.

(2) Such guidance may be taken into account when assessing fitness and propriety, governance, systems and controls and the handling of client outcomes.

(1) Licensees and other persons to whom this Act applies shall, within the transitional period specified in Rules under this Act, implement the complaints handling, investigations cooperation and redress arrangements required by this Act.

(2) The Authority may prioritise higher-risk sectors for earlier compliance during the transitional period.

(1) The Minister may, on the recommendation of the Authority, make Rules or Orders for the better carrying out of the purposes of this Act, including but not limited to—

1. setting timelines and standards for complaints handling;
2. prescribing procedures for investigations and information-gathering;
3. defining ranges for administrative penalties and other enforcement tools; and
4. specifying transitional periods and implementation milestones.

Nothing in this Act shall limit any powers or obligations arising under the Neves Licensing Authority Establishment Act, 2025, the AML / CFT & Financial Crime Prevention Act, 2025, the Market Conduct & Consumer Protection Act, 2025, the NFSA Act, the NGA Act, the Licensing & Authorisation Act, 2025 or any other sovereign Act overseen by the Neves Licensing Authority.

This Act shall bind the State.