Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker, NOT a lender.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker, NOT a lender.
This document sets out the firms Complaints Procedure which comply with the FCA Sourcebook DISP. As a firm we are committed to treating our customers fairly and we will seek to respond to all complaints received promptly and fairly.
In order to ensure that 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 signed off by the Director. The Director will be responsible for ensuring that any complaint is properly investigated and is done so competently, diligently and impartially and that the required timetable set by the FCA rules is adhered to.
In the event that a complaint identifies a systemic, recurring or specific problem, the Director will seek to resolve it via discussion and the implementation of any conclusions arrived at.
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:
o the subject matter of the complaint;
o whether the complaint should be upheld;
o what remedial action or redress (or both) may be appropriate;
o 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; and
comply promptly with any offer of remedial action or redress accepted by the complainant.
If we receive a complaint which is outside the time limits for referral to the Financial Ombudsman Service we may reject the complaint without considering the merits of the complaint. If we chose to so reject a complaint, we must explain this to the complainant in a final response letter
If we were to receive a complaint but we are satisfied that the complaint actually relates to another firm, or that the complaint relates to us and another firm jointly, we will refer the matter on to that firm so that they can consider the customers complaint. We will do this promptly and tell the client what we have done. We will also 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
A complaint will involve 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.
In the event that a customer wishes to make a complaint, this can be made verbally, by telephone or in person, or via a written communication delivered in person, via post, e-mail, sms or fax. In the first instance, the complaint should be handled by the manager responsible for the account, in consultation with the Chief Executive, and resolution of the complaint sought.
We will seek to resolve any complaints received as quickly as possible with a view to reaching agreement with the complainant within 3 business days of receipt. In the case of resolved complaints note will be made in the customers file of any agreed course of action together with any copy correspondence. We will then promptly send the complainant a summary resolution communication which includes the following detail:
In the event that a complaint is not capable of resolution by the close of business on the third business day following the day on which it was received then a brief written explanation of the substance of the complaint should be provided together with any written correspondence from the customer concerned. At this point in time, 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 the format 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 are 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.
Investigation must be done by either the Chief Executive or a Director of the company.
We must investigate a complaint and ensure we understand fully the complaint that has been made. We need to have good communication with the complainant.
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 his complaint if he 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).
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 summarise the complaint and summarise the outcome of the investigation. The written final response must either:
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 so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances.”
b) The complaint was received outside of 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:
c) Where the complaint was received outside the time 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 realised (or should have realised) 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 so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as 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
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 need 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 he remains dissatisfied with the company’s response, he may now refer his complaint to the Financial Ombudsman Service (“FOS”) which, should he wish to do so, must be done within 6 months.
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 which 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.
There are many sources of data and management information which firms can analyse in order to understand what is negatively impacting their customers, for example, retention data, cancellation rates and customer feedback.
DISP rules require that firms take steps to identify and remedy any recurring or systemic problems which lead to complaints.
This includes examining the root causes of complaints and changing procedures to reduce the impact on future customers. It could also mean considering whether any detriment to existing customers, who may also have suffered, should be addressed.
Beyond merely complying with the rules, however, the feedback we get from customers who make a complaint is information we might never otherwise find out. This is a view of how we perform in the eyes of the people that matter, the people that pay us for our services. We consider that performance and consider making improvements in response to this feedback.
A complaint is the natural outcome from a chain of events that led to a customer deciding that they had been poorly treated. It is rare that the complainant can tell us the cause of the complaint, what they know is how it affected them. The root cause can often only be uncovered as part of the subsequent investigation.
We will use root cause analysis to achieve the right customer outcomes and consider what the right customer outcome looks like in each individual case.
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 by them by these procedures as part of their contract of employment. Failure to comply with this policy may result in disciplinary action