The General Code of Conduct for Authorised Financial Services Providers and Representatives (“The Code”) issued under the Financial Advisory and Intermediary Services Act, 2000 (Act 37 of 2002) (“FAIS”), requires financial service providers to maintain an internal complaints resolution system and procedures. Further to this the Treating Customers Fairly (“TCF”) principles details additional procedures to be followed.
This policy details our commitment to effective complaints resolution and the procedures implemented to provide both our clients and prospective clients with the opportunity to be heard when they feel that they have been treated unfairly, and for RWM to implement corrective action.
The purpose of this policy is to document our complaints resolution system and procedures, and to assist staff with effectively facilitating/implementing complaints management and corrective action.
3.1Types of Complaints
3.1.1 Complaints dealt with by FAIS traditionally related to a financial service rendered by a financial services provider or representative. Relevant complainants alleged that the provider or representative:
- has contravened or failed to comply with a provision of this Act and that as a result thereof, the complainant has suffered, or is likely to suffer, financial prejudice or damage;
- has will fully or negligently rendered a financial service to the complainant which has caused prejudice or damage to the complainant or which is likely to result in such prejudice or damage; or
- has treated the complainant unfairly.
3.1.2. Complaints in terms of this policy includes the TCF principles and therefore also refers to any of the following categories:
- Product design and pricing (e.g. inadequate or too expensive);
- Lead generation (e.g. no response to lead);
- Sales and on-boarding (e.g. staff conduct);
- Fulfilment (e.g. documents not received);
- Cancellations (e.g. penalties applied);
- Retention (e.g. unable to renew / staff conduct); and/or
- Third parties and where applicable recoveries.
4.1 Policy Statement
RWM is dedicated to ensuring that all complaints received are resolved as quickly as possible in a fair and equitable manner.
- 4.2 How to Lodge a Complaint
- 4.2.1 Please lodge your complaint in writing to our Compliance Manager, Janeke Vermeulen, at email@example.com.
- 4.2.2 The complaint should contain sufficient details, including:
- the client details and the policy, account or member numbers that relate to the complaint;
- specific details about the nature of the complaint e.g. facts, dates and supporting documentation (i.e. letters, quotations, previous correspondence etc.) to enable us to deal with the complaint quickly and fairly;
- proof of any losses sustained;
- the solution / remedial action you believe is required to resolve the complaint.
4.3 Complaints Resolution
- 4.3.1 We will acknowledge receipt of the complaint in writing no later than 24 hours after receiving the complaint.
- 4.3.2 Where any complaint received pertains to something out of our control, e.g. product information or investment performance, we will forward the complaint to the product provider concerned and, where possible, facilitate the resolution process.
- 4.3.3 The complaint will be investigated and we will revert with our findings within three working days.
- 4.3.4 If the complaint can be resolved immediately, we will take the necessary action and advise accordingly. If the complaint cannot be resolved immediately, we will send you a written summary of the steps to be taken to resolve the matter and the expected date of resolution.
- 4.3.5 In the event that you are not satisfied with our solution, you may refer the complaint to Mr. Jonathan Ralph, a Director of RWM at firstname.lastname@example.org, who may amend the solution or confirm it.
- 4.3.6 After the complaint has been referred to our Director and you are still not satisfied with the outcome, we will regard the complaint as being unsatisfactorily resolved. You may under such circumstances approach the office of the Ombud for Financial Services Providers or take such other steps as may be advised by your legal representatives.
4.4 Unresolved Complaints
- 4.4.1 In instances where we have not been able to arrive at a resolution within six weeks after you have lodged your complaint to us, the matter may automatically be referred to the Ombud. Such a matter must be referred to the Ombud within a period of six months.
- 4.4.2 The Ombud will not adjudicate in matters exceeding a value of R800 000.00.
- 4.4.3 The Ombud for Financial Services Providers may be contacted as follows:
Facsimile: +27 86 764 1422 / +27 12 348 3447
E-mail Address: email@example.com
Physical Address: Sussex Office Park, Ground Floor, Block B, 473 Lynnwood Road Cnr. Lynnwood Road & Sussex Ave, Lynnwood, 0081
We will keep record of the complaint and maintain a full record of each complaint received. This record as well as all subsequent correspondence will be kept for 5 years as prescribed by relevant legislation.
5.1 Complaints Resolution
5.1.1 If the complaint is not in writing, sufficient information will be obtained verbally from the client to be submitted on the client’s behalf.
5.1.2 Report the complaint to the Compliance Manager within the Company to immediately:
- Acknowledge receipt of the complaint;
- Determine if the complaint can be resolved immediately;
- Capture the complaint in the Complaints Register;
- Classify the complaint according to the complaint categories.
- 5.1.3. Thereafter the Compliance Manager will:
- Investigate the complaint further;
- Resolve the complaint immediately or take the necessary action and advise the client of steps taken and expected date of resolution;
- Update the complaints register with all developments / activities.
- 5.1.4 After 3 weeks the client will be informed in writing of the resolution of the complaint and the outcome, or of the progress if the complaint requires further investigation.
- 5.1.5 the client will be notified of the final outcome by no later than 6 weeks since the complaint was received. If the complaint cannot be resolved / is not resolved to the client’s satisfaction, we will advise the client of their right to lodge the complaint to the FAIS Ombud. The Ombud’s contact details must be provided and the client must be informed that they have a limited period of 6 months to lodge the complaint with the Ombud.
5.2 Complaints Management
The complaints register will provide valuable information. Root cause analysis of complaints common to certain categories will enable us to identify failings in control systems and poor staff or service provider performance, as well as the lack of skills or misconduct, in order for us to develop possible solutions.
5.3 Consequences of Non-Adherence
Disciplinary action will be taken against staff members who do not comply with this policy and related procedures.
5.4 Training and Awareness
Staff members will receive a copy of this policy on employment and will receive training on this policy if complaints management and handling falls in their scope of duties.