It is the aim of this document to give clear and concise guidelines when receiving a complaint and the successful resolution of complaints in terms of the General Code of Conduct.
It is a requirement in terms of the General Code of Conduct as set out in Board Notice 80 of 2008 that each FSP must have a complaints policy, which must be available to each client on requested. It is important that each Key Individual and representative acquaint himself/herself with the contents of this document.
Definition of a complaint
A complaint can be defined as an event where a client is of the opinion that we or any of our Representatives provided financial advice or intermediary services where it is felt:
- that we or our representatives did not comply with FAIS and that you suffered/ will suffer financial prejudice or damage as a result
- that we intentionally or negligently gave financial advice or rendered an intermediary service which caused you prejudice or damage or is likely to cause damage; or
- that we treated you unfair
We respect your privacy and take the protection of personal data very seriously. Where you have a concern about the way we handle your information, this policy should be used if you feel that we:
- are unlawfully processing your personal information;
- are not keeping your personal information secure;
- are misusing your personal information;
- are keeping personal information about you for longer than is necessary; or
- have unlawfully disclosed your personal information;
- have collected personal information for one reason and are using it for something else,
- have accessed your personal information without your authorisation.
- hold inaccurate personal information about you.
- Our Complaints Policy and Procedures will be made available to you on request.
- We will attend to and resolve any complaint timeously and fairly by first logging the complaint and providing you with a receipt.
- All relevant staff are trained with regard to the resolution of complaints in accordance with the relevant provisions of FAIS.
- Records of all complaints will be kept for a minimum period of 5 years. It is a statutory recordkeeping requirement in terms of FAIS, and as such, all your personal information (as per the Protection of Personal Information Act – POPI) submitted will similarly be held for this period. The information will be made available to/processed by our staff where required, as well as our compliance officer for audit purposes, the Regulator (FSB) and any Ombud who has jurisdiction. It is our business practice to retain records indefinitely so that we can identify possible trends and avoid similar complaints going forward, therefore we will keep this information in accordance with our internal policies.
- Corrective measure will be taken to ensure that problems and shortcomings identified will not happen again.
You need to ensure that your complaint is lodged to us in writing and can be sent either by email to:
E-mail Address – email@example.com
Telephone Number – 021 683 0500
The following information must be provided in order for us to assist:
- Your name, surname and contact details;
- A complete description of your complaint;
- Details of where the transaction took place;
- The name of the person who provided you with the financial service;
- The date on which the event occurred;
- All documentation relating to your complaint; and
- Method of preferred communication.
When we receive your complaint, we will:
- Acknowledge receipt, in writing, within 48 hours and add your complaint to our internal complaints register.
- Your complaint will be allocated to an appropriate person for further investigation.
- We may ask for additional information if needed.
- We will investigate, attempt to resolve and respond within 21 days of receiving your complaint, or after receiving any additional information we require.
- If we require further time to investigate the complaint, this will be communicated to you in writing.
- We will let you have our response in writing with full reasons. Please note that certain decisions may have to be approved by the Managing Body of the organisation. In such a case, we will communicate that fact to you, as well as the date on which a decision will be taken.
- In the event of us not being able to resolve the complaint or if you are not satisfied with our response, the complaint may be pursued, within a six (6) month’s period, with the FAIS Ombud, or any other Ombud who has jurisdiction, contact details below. Alternatively, you may approach your own legal counsel.
NOTE: We are required to be provided with a six-week period within which to resolve any complaint, before the FAIS Ombud will have jurisdiction
FAIS Ombud Rules
Should your complaint be referred to the Ombud, the following must be kept in mind:
- The FAIS Ombud will not adjudicate in matters in excess of R800,000.00.
- If you already instituted action in a court of law in respect of this complaint the Ombud will not consider the complaint.
- If the complaint was not resolved through conciliated settlement, the Ombud may make a determination which has the same legal status of a civil court judgement.
- An award of costs may be made against the person complained against.
- An award of costs may be made against a complainant if the conduct of the complainant was improper or unreasonable, or if the complainant caused an unreasonable delay in the finalisation of the investigation.
The FAIS Ombud
Telephone No: 0860 FAISOM (0860 324 766)
Long term Ombud
Private Bag X 45, Claremont, 7735
Telephone No: (021) 657 5000
Facsimile No: (021) 674 0951
Short Term Ombud
Tel. 011 726-8900 | Fax. 011 726-5501 | Share call: 0860 726 890 |
Pension Funds Adjudicator
Tel: 012 3461738, 012 748 4000 | Fax: 0866937472
In the event of us not reverting to you within the time periods indicated above, kindly contact Neill Hobbs on 021 683 0500 for an explanation as to why we have not yet communicated with you. Please do not accept any communication from any person until it has been confirmed in writing.
Procedure for Complaint regarding your information (POPI)
If you wish to complain about how we have processed your personal information, or how your complaint has been handled, please contact us with the following information by sending an email to firstname.lastname@example.org
- All necessary information (such as your details and what you think we have done wrong);
- Any evidence in support of the complaint;
- Contact details such as email address and telephone number
- Full name of the person lodging the compliant
- How the personal data was collected (if known)
- The timeframe over which the suspected wrongdoing occurred (if known)
We will acknowledge receipt of your complaint within 3 three business days. While we try to respond as promptly as possible, resolution times will vary depending on the nature of the complaint. Our DPO will liaise with our relevant departments to investigate your complaint. You will be notified of the outcome of your complaint as well as any action taken.
If you are dissatisfied with how your complaint was handled, or the outcome of your complaint, then you may appeal by writing to email@example.com outlining your reasons.
If you remain unhappy after the appeals process you may forward your complaint to the Information Regulator at:
The Information Regulator (South Africa)
Physical Address: SALU Building, 316 Thabo Sehume Street, Pretoria
Tel: 012 406 4818
Fax: 086 500 3351
More information can be found at www.justice.gov.za/inforeg/
Categorisation and recording of complaints
The complaint channel above will be monitored by our complaint handling staff daily. Each complaint received will be logged on our internal complaints register within 24 hours after receipt. The following details will be captured in respect of each reportable complaints:
- All relevant details of the complainant and subject matter of the complaint;
- Copies of evidence and correspondence;
- The complaint categorisation set out below:
- complaints relating to the design of a financial product, financial service or related service, including the fees, premiums or other charges related to that financial product or financial service;
- complaints relating to information provided to clients;
- complaints relating to advice;
- complaints relating to financial product or financial service performance;
- complaints relating to a service to clients, including complaints relating to premium or investment contribution collection or lapsing of a financial product;
- complaints relating to financial product accessibility, changes or switches, including complaints relating to redemptions of investments;
- complaints relating to handling of client queries; and
- other complaints.
COMPLAINT PROCESS DIAGRAM