Complaints Policy & Procedure

COMPLAINTS POLICY & PROCEDURE

This document sets out the firm's Complaints Procedure, which complies with the FCA Sourcebook DISP. As a firm, we are committed to treating our customers fairly and will respond to all complaints received promptly and fairly.

To ensure complaints are fairly, consistently, and promptly dealt with, the Chief Executive must be consulted in all cases, and any proposed course of action or correspondence must be signed off by the Director. The Director is responsible for ensuring that any complaint is properly investigated, competently, diligently, and impartially, and that the required timetable set by the FCA rules is adhered to. If a complaint identifies a systemic, recurring, or specific problem, the Director will seek to resolve it through discussion and implementation of any conclusions arrived at.

1.1 INVESTIGATING, ASSESSING AND RESOLVING COMPLAINTS

Our obligations under DISP are that, upon receipt of a complaint, we must:

  • Investigate the complaint competently, diligently, and impartially, obtaining additional information as necessary;
  • Assess fairly, consistently, and promptly, taking into account all relevant factors:
    • The subject matter of the complaint;
    • Whether the complaint should be upheld;
    • What remedial action or redress (or both) may be appropriate;
    • If appropriate, whether we have reasonable grounds to be satisfied that another respondent may be solely or jointly responsible for the matter alleged in the complaint;
  • Offer redress or remedial action when we decide this is appropriate;
  • Explain to the complainant promptly and in a way that is fair, clear, and not misleading, our assessment of the complaint, our decision on it, and any offer of remedial action or redress;
  • Comply promptly with any offer of remedial action or redress accepted by the complainant.

1.2 TIME BARRED COMPLAINTS

If we receive a complaint that is outside the time limits for referral to the Financial Ombudsman Service, we may reject the complaint without considering its merits. If we choose to reject a complaint, we must explain this to the complainant in a final response letter.

1.3 FORWARDING AND FORWARDED COMPLAINTS

If we receive a complaint but are satisfied that the complaint relates to another firm or that the complaint relates to us and another firm jointly, we will refer the matter to that firm so they can consider the customer's complaint. We will do this promptly and inform the client of our actions and provide the client with the other firm's contact details. If we receive a forwarded complaint, it will be dealt with in accordance with this policy, with the time frames applying from the date the forwarded complaint was received by us.

2 COMPLAINT HANDLING

2.1 IDENTIFY THE COMPLAINT

A complaint involves an allegation from a customer or potential customer that they have suffered financial loss, distress, or material inconvenience in the company’s provision or failure to provide a financial service. If the recipient of the complaint is unsure regarding the complaint, please refer it to the Director. Complaints can be made verbally, by telephone or in person, or via written communication delivered in person, via post, email, SMS, or fax. Initially, the complaint should be handled by the manager responsible for the account, in consultation with the Chief Executive, and resolution of the complaint sought.

2.2 COMPLAINTS RESOLVED WITHIN 3 BUSINESS DAYS

We will seek to resolve any complaints received as quickly as possible with a view to reaching an agreement with the complainant within 3 business days of receipt. For resolved complaints, a note will be made in the customer’s file of any agreed course of action along with any copy correspondence. We will then promptly send the complainant a summary resolution communication, including the following details:

  • Refers to the fact that the complainant has made a complaint and informs the complainant that we now consider the complaint resolved;
  • Informs the complainant that if they subsequently decide they are dissatisfied with the resolution of the complaint, they may refer the complaint to the Financial Ombudsman Service but must do so within 6 months, as otherwise, the Ombudsman will not have our permission to consider the complaint and will only do so in very limited circumstances;
  • Provides the website address of the Financial Ombudsman Service and refers to the availability of further information on the Financial Ombudsman Service website.

2.3 PROCESS FOR COMPLAINTS NOT RESOLVED WITHIN 3 BUSINESS DAYS

If a complaint is not capable of resolution by the close of business on the third business day following the day it was received, then a brief written explanation of the substance of the complaint should be provided, along with any written correspondence from the customer concerned. At this point, an entry should be made in the Complaints Register, and the date of receipt of the complaint recorded in the Complaints Log, an example of which appears in Appendix A.

If the complaint has not been resolved by the close of business on the second day, we must ensure that a copy of these internal procedures is sent to the customer, and receipt of the complaint acknowledged in writing within 5 business days. The name and job title of the person handling the complaint must be advised to the customer.

2.3.1 INVESTIGATION OF THE COMPLAINT

The investigation must be conducted by either the Chief Executive or a Director of the company. We must investigate a complaint and ensure we fully understand the complaint made. We need to maintain good communication with the complainant.

2.3.2 AFTER 4 WEEKS

If a complaint has not been resolved within 4 weeks of being received, unless the customer has already indicated in writing acceptance of a response by the company (provided that the response informed the customer how to pursue their complaint if they remained dissatisfied), and in the event that a final response has not been issued, a holding response must be sent to the customer explaining why the company is not yet in a position to resolve the complaint and indicating when the company will make further contact (which must be within 8 weeks of receipt of the complaint).

2.3.3 FINAL RESPONSE

A Final Response must be made within 8 weeks of receiving the complaint. This response sets out the final view of the company on the complaint, dealing directly with the issues the customer has raised. It will summarize the complaint and the outcome of the investigation. The written final response must either:

  • Accept the complaint and offer appropriate redress, including a clear explanation of how we have arrived at this offer;
  • Reject the complaint, giving reasons for this decision;
  • A combination of the above.

We must inform the customer that they have 8 weeks to respond to our final response until we consider the complaint closed. A complaint will be deemed to be closed where the company has sent a final response or where the customer has indicated in writing acceptance of the company’s earlier response.

2.3.4 CONTENT OF FINAL RESPONSE LETTER

Our Final Response Letter must provide the complainant with full details of our understanding of the reasons for the complaint, our investigation into the circumstances behind the complaint, detailing relevant facts, our findings, and whether the complaint is being upheld or not, and whether any redress payment is to be offered.

Our Final Response to the client must include the following text as applicable:a) Where we do not agree to waive the six-month time limit for the complaint to be referred to FOS:“You have the right to refer your complaint to the Financial Ombudsman Service, free of charge – but you must do so within six months of the date of this letter. If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and will only do so in very limited circumstances. For example, if the Ombudsman believes that the delay was a result of exceptional circumstances.”

b) The complaint was received outside the time frames for a complaint to be referred to FOS and we do not consent to waive such:“You have the right to refer your complaint to the Financial Ombudsman Service, free of charge. The Ombudsman might not be able to consider your complaint if:

  • What you’re complaining about happened more than six years ago, and
  • You’re complaining more than three years after you realized (or should have realized) that there was a problem.We think that your complaint was made outside of these time limits but this is a matter for the Ombudsman to decide. If the Ombudsman agrees with us, they will not have our permission to consider your complaint and will only do so in very limited circumstances (see below). If you decide to refer your complaint to the Ombudsman, you must do so within six months of the date of this letter. If you do not refer your complaint to the Ombudsman within six months of the date of this letter, the Ombudsman will not have our permission to consider your complaint and will only do so in very limited circumstances. The very limited circumstances referred to above include where the Ombudsman believes that the delay was a result of exceptional circumstances.”

c) Where the complaint was received outside the 6 or 3-year time limits and we do not consent to waive those time limits but do consent to waive the six-month time limit:“The Ombudsman might not be able to consider your complaint if:

  • What you’re complaining about happened more than six years ago, and
  • You’re complaining more than three years after you realized (or should have realized) that there was a problem.We think that your complaint was made outside of these time limits but this is a matter for the Ombudsman to decide. If the Ombudsman agrees with us, they will not have our permission to consider your complaint and will only do so in very limited circumstances. For example, if the Ombudsman believes that the delay was a result of exceptional circumstances. The time limit for referring complaints to the Ombudsman is usually six months, but we will consent to the Ombudsman considering your complaint even if you refer the complaint later than this.”

d) We consent to waive all time limits:“You have the right to refer your complaint to the Financial Ombudsman Service, free of charge. Although there are time limits for referring your complaint to the Ombudsman, we will consent to the Ombudsman considering your complaint even if you refer the complaint outside the time limits.”

Our Final Response letter must also include The Financial Ombudsman Service Leaflet.

2.4 RESOLUTION

Where a complaint has been resolved, a final response should be issued to the customer unless it was resolved by the close of business on the business day following receipt, in which case no letter needs to be sent. A final response is a written response from the company which accepts the complaint and, if appropriate, offers redress (appropriate redress may not involve financial redress, it may, for example, simply involve an apology); or offers redress without accepting the complaint or rejects the complaint and gives reasons for doing so, and which informs the customer that if they remain dissatisfied with the company’s response, they may now refer their complaint to the Financial Ombudsman Service (“FOS”) which, should they wish to do so, must be done within 6 months.

2.5 RECORD KEEPING

A record of the complaint must be retained by the company for 3 years from the date of the receipt of the complaint. A report must be made to the FCA twice a year, as at 31 March and 30 September, via the FCA’s Firms on Line electronic reporting system. This report specifies the total number of complaints received by the firm that were not settled by the close of business on the third business day after the receipt of the complaint in accordance with rule DISP 1.5.4.

2.6 STAFF ACKNOWLEDGMENT & RESPONSIBILITY

All staff are required to sign a copy of these internal complaints procedures to confirm that they have received, read, and agree to be bound by the requirements placed upon them by these procedures as part of their contract of employment. Failure to comply with this policy may result in disciplinary action.

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