Complaints Resolution Policy and Procedure

A. Introduction

This document embodies the Complaints Resolution Policy and Procedure for 36ONE Asset Management.

The Complaints Resolution Policy and Procedure has been formulated in terms of Part XI of the General Code of Conduct for Authorised Financial Services Providers and Representatives as published in Board Notice 80 of 2003 and published in the Government Gazette dated 8 August 2003.

The object of this policy is to ensure that complaints are handled in a timely and fair manner and that complaints are investigated and responded to promptly.

B. What constitutes a complaint?

The FAIS Act provides consumers with a platform to address their complaints in a fair and procedurally correct manner.

In terms of the FAIS Act, a complaint must relate to a financial service rendered by an FSP or its representative/key individual to the complainant, in which it is alleged that the FSP or representative/key individual:

  • Has contravened or failed to comply with any provision of the FAIS Act and that as a result thereof, the complainant has suffered or is likely to suffer financial prejudice or damage; or
  • Has wilfully 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.

A complaint must not relate to the investment performance of a financial product, unless such performance was guaranteed expressly or implicitly or such performance appears to be deficient as to raise a prima facie presumption of misrepresentation, negligence or mal-administration on the part of the company or its representatives/key individuals.

A complaint means a complaint relating to a financial service rendered by the company or any of its representatives/key individuals on or after the commencement of the FAIS Act, being 1 October 2004.

Employees must report all complaints to the registered Compliance Officer of the company. The contact details of the registered Compliance Officer are as follows:

Manager: Compliance
Tel: +27 21 975 6597
Fax: +27 86 628 4567
Email: ics@complianceservices.co.za

C. Lodging of a complaint

  • Complaints may be received via fax, e-mail or phone.
  • If received by fax or e-mail the client is contacted to verify the complaint and obtain additional detail.
  • Once details of the complaint have been received, relevant personnel in the office are notified and the complaint is defined as internal or external.

D. Once a complaint has been lodged

  • Internal complaints are those that can be addressed within the business. External complaints require third party assistance/input for resolution.
  • Where the complaint is defined as internal the relevant person is assigned to deal with the issue.
  • Once this individual reaches a satisfactory result the client is contacted and informed of the resolution that has taken place.
  • In the situation where the client is satisfied the issue is closed and the complaint and the resolution are documented and added to the clients file for storage and future reference where necessary.
  • In the situation where the result is unsatisfactory to the client the complaint is redefined with the client to ensure details are correct. The complaint is then redefined as internal or external.
  • In the event that the complaint is again defined as internal the personnel resolve the complaint and contact the client with the resolution. This process continues until the complaint is resolved to the satisfaction of the client.
  • Where the complaint is deemed to be related to third parties and therefore an external resolution is required, the relevant third parties are contacted and informed of the complaint.
  • First line of action will be to resolve the complaint with the third party during the initial contact.
  • If however the third party in question cannot resolve the issue at that point in time a deadline will be agreed upon.
  • This deadline will take into account the timing needed to possibly revisit the issue if the client is unsatisfied with the resolution.
  • This resolution is then discussed with relevant internal personnel for verification.
  • The client is then contacted by e-mail or phone and the resolution is presented to them for approval.
  • Where the client is not satisfied the process will be repeated.

E. Monitoring and reporting

  • Where the client is satisfied the issue is closed and the complaint and the resolution are documented and added to the clients file for storage and future reference where necessary.