| An individual & FX Capital Ltda. | |
|---|---|
| Lead NCP | Chile |
| Supporting NCP(s) | |
| Description | Specific instance alleging a non-observance of the OECD MNE Guidelines. |
| Theme(s) | General policies, Disclosure, Human rights, Combating bribery, bribe solicitation and extortion, Consumer interests |
| Date | 19 Sep 2020 |
| Host country(ies) | Chile |
| Source | Individuals |
| Industry sector | Financial and insurance activities |
| Status | Concluded |
| Summary | Read the Final Statement published by the NCP 9 August 2023: Spanish On 19 September 2020, an individual submitted a specific instance to the Chilean NCP alleging that FX Capital Ltda., a financial service provider, had not observed the General Policies (Chapter II); Disclosure (Chapter III); Human Rights (Chapter IV); Combating Bribery, Bribe Solicitation and Extortion (Chapter VII) and Consumer Interests (Chapter VIII) provisions of the 2011 version of the Guidelines. Specifically, the issues concerned misleading advertising, users of the company’s website feeling scammed, and lack of response to formal complaints. On 3 February 2022, before the Chilean NCP had completed its initial assessment, the submitter informed that it had reached an agreement with the company outside of the NCP process. On 9 August 2023, the NCP published its Final Statement concluding the specific instance. The NCP made recommendations to the company, which notably included the adoption of the highest international standards in terms of regulation and good financial practices, acting in accordance with fair business, marketing and advertising practices, and facilitating consumer access to non-judicial grievance mechanisms. With the publication of the final statement, the NCP considers the case closed and does not have plans to conduct a follow up. #stakeholderengagement #remedy #deceptivemarketing #investmentbanking #localsubsidiary #agreement #recommendations |
