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Complaints Policy


Version History

  • Version

    11.09.2024

  • Implemetation Date
    08.07.2020
  • Frequency of Review
    Annually
  • Next Review Date
    September 2025
  • Policy Owner
    Joanie van den Heever
  • Responsible Business Uit
    Compliance
About us

The purpose of this policy is to ensure that all clients of Chartered Wealth Solutions (Pty) Ltd and its associated companies (“Chartered”), are treated fairly should they wish to lodge a complaint against any poor service received or poor interactions with staff of Chartered experiences, and that the employees of Chartered are aware of the principles which govern their interactions with clients.

Chartered Wealth Solutions (Pty) Ltd, Registration Number: 1997/011199/07 is an authorised Financial Services Provider (FSP No.: 13909), and it’s associated companies that also need to comply with this policy are: Chartered Wealth Solutions (EC) (Pty) Ltd (FSP No.: 12985), Chartered Wealth Solutions (WC) (Pty) Ltd, Chartered Financial Planning (Pty) Ltd (FSP No.: 38005), Pete Wilson & Associates (Pty) Ltd (FSP No.: 3814), Chartered Legacy & Trust (Pty) Ltd, Chartered Tax (Pty) Ltd and Chartered Acres (Pty) Ltd.

Chartered is committed to building a long-term relationship with our clients that is based on fair business practices, honesty and trust. In light of this, Chartered have established an internal complaints policy for the resolutions of complaints that is in line with the provisions of the FAIS General Code of Conduct as contained in the Financial Advisory and Intermediary Services Ac 37 of 2002 (“FAIS”).

Complaints Policy

Chartered seeks to ensure that all complaints are handled in a professional, efficient and fair manner in accordance with the company’s commitment to the principles of Treating Customers Fairly (“TCF”).

In terms of section 17(1)(a) of the General Code of Conduct (“GCOC”), a provider (Chartered) must establish, maintain and operate an adequate and effective complaints management framework, in order to ensure the effective resolution of complaints and the fair treatment of complainants.

The complaints management framework must achieve the following:

  • It must be proportionate to the nature, scale and complexity of the provider’s business and risks;
  • It must be appropriate for the business model, policies, services, and clients of the provider;
  • It must enable complaints to be considered after taking reasonable steps to gather and investigate all relevant and appropriate information and circumstances, with due regard to the fair treatment of complainants;
  • It may not impose unreasonable barriers to complainants; and
  • It must address and provide for the matters as contained in Part XI of the General Code of Conduct.

In order to achieve the outcome listed above, Chartered has adopted a complaints policy which outlines our commitment towards the fair, transparent and effective resolution of complaints. Chartered will also ensure that the Complaints Management Framework is reviewed annually, to ensure that the policy remains effective.

Chartered is therefore committed to:

  • The consistent application of the complaints management procedures set out herein.
  • Ensure that all employees are made aware of the complaints policy and procedure and will ensure that all complaints received are referred to the Compliance Officer.
  • Adequately training all staff ensuring full knowledge of the provisions of the FAIS Act, TCF, and the General Code of Conduct with regard to the resolution of complaints.
Our Contact Details

Should you have any questions or require any further information, or should you wish to lodge a complaint, you may contact us at:

Compliance Officer
Chartered Wealth Solutions
2 North Road
Dunkeld West
Johannesburg
2196
Email: compliance@charteredwealth.co.za
Tel: +27 (0) 11 502 2800

All complaints must be made in writing.

What is a complaint?

In terms of FAIS, a complaint is defined as any expression of dissatisfaction by a client or prospective client relating to a financial product or financial service rendered to the complainant by an authorised Financial Services Provider or representative thereof.

The complaint should allege that the provider or representative:

  • Has contravened or failed to comply with the provisions of FAIS and that as a result thereof the complainant has suffered or is likely to suffer financial prejudice or damage;
  • 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.
Complaint Categorisation

Chartered categorises complaints in accordance with the following nine categories:

  1. 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;
  2. Complaints relating to information provided to clients;
  3. Complaints relating to advice;
  4. Complaints relating to financial product or financial service performance;
  5. Complaints relating to service to clients, including complaints relating to premium or investment contribution collecting or lapsing of a financial product;
  6. Complaints relating to financial product accessibility, changes or switches, including complaints relating to redemptions of investments;
  7. Complaints relating to complaints handling;
  8. Complaints relating to insurance risk claims, including non-payment of claims; and
  9. Other Complaints.

Where we consider it necessary to add additional categories relevant to its financial products and / or services, we will do so in order to support the effectiveness of our complaints management framework, and by doing so enhancing improved outcomes and processes for its clients.

Complaints are analysed and categorised in line with the TCF category to which it most closely relates. All complaints are grouped and reported on accordingly.

All complaints are handled on their own merits and submitted to senior management for oversight and input.

What the complaints framework entails

Chartered ensures that complaints are dealt with appropriately by enforcing the following:

  • Setting out relevant objectives, key principles and the proper allocation of responsibilities for dealing with complaints across Chartered;
  • Creating appropriate performance standards, remuneration and award strategies to ensure that the management of complaints is objective and impartial.
  • By documenting procedures for the appropriate management and categorisation of complaints, as well as which clearly defining the escalation, decision-making, monitoring, oversight and review processes within the complaint’s management framework;
  • Through appropriate complaint record keeping, monitoring and analysis of complaints, and reporting to executive management, the board of directors and any relevant committee of the board on –
    • Identified risks, trends and action taken in response thereto; and
    • The effectiveness and outcomes of the complaints management framework.
  • Maintaining appropriate communication with complainants and persons representing complainants on the complaints and the complaints processes and procedures;
  • Ensuring appropriate engagement between Chartered and the relevant Ombud;
  • Maintaining Compliance with requirements for reporting to the Regulator and public reporting in accordance with part XI of the General Code of Conduct.
  • Enforcing a process for managing complaints relating to Chartered’s representatives and service suppliers, insofar as such complaints relate to services provided in connection with the organisation’s financial products, financial services or related services, which process will:
    • Enable the organisation to reasonably satisfy itself that the representative or service supplier has adequate complaints management processes in place to ensure the fair treatment of complainants;
    • Provide for the monitoring and analysis by the organisation of aggregated complaints data in relation to the complaints received by its representatives and service suppliers and their outcomes;
    • Include effective referral processes between the organisation and its representatives and service suppliers for handling and monitoring complaints that are submitted directly to either of them and require referral to the other for resolution; and
    • Include processes to ensure that complainants are appropriately informed of the process being followed and the outcome of the complaint.
  • The organisation will regularly monitor the complaints management framework.
  • The organisation will resolve client complaints by means of a practical resolution process that is managed effectively.
  • The organisation will train and empower all relevant staff members in order to facilitate and resolve complaints.
  • The organisation will deal with complaints in a timely and fair manner, with each compliant receiving proper due consideration.
  • The organisation will take the necessary steps to investigate and respond promptly to a complainant.
  • Where deemed necessary, the organisation will appoint an independent mediator in order to resolve the complaint.
  • Where the complaint is resolved in favour of the complainant, the organisation will offer the appropriate level of redress to the complainant without delay.
  • Chartered will maintain a record of all complaints for a period of 5 years together with an indication of whether or not the complaint has been resolved.
  • The organisation will investigate, and where necessary, take appropriate action in order to avoid and prevent similar circumstances which gave rise to the complaint.
  • Chartered will ensure the recording of complaints and complaints-related information in an accurate, efficient and secure manner, and will establish and maintain appropriate processes for reporting of complaints related information to its governing body.

Chartered is committed to ensuring that its complaints processes and procedures are transparent, visible, and accessible through channels that are appropriate to the organisation’s clients.

Allocation of responsibilities

A complaint can be received in a number of different ways:

  • Directly from the client to a CRM/administrator of a planning team via email or through a phone call;
  • Directly from the client to the planner via email or through a phone call;
  • The client may send an email to the complaints email address mentioned above;
  • The client may complain on social media etc.

Any person in the organisation that is responsible for making decisions or recommendations in respect of complaints generally or a specific complaint must –

  • Be adequately trained;
  • Have an appropriate mix of experience, knowledge and skills in complaints handling, fair treatment of customers, the subject matter of the complaints concerned and relevant legal and regulatory matters;
  • Not be subject to a conflict of interest; and
  • Be adequately impowered to make impartial decisions or recommendations.

Once a complaint has been received, it gets sent to Compliance as soon as possible in order for Compliance to determine the severity of the complaint and investigate the complaint.

Should the complaint be deemed to be serious/reportable in nature, a formal acknowledgement gets sent to the client from Compliance. A formal response will get sent to the client from Compliance once the complaint has been investigated. Should the complaint be deemed to be non-reportable or not of a serious nature, a response will be sent from the financial planner involved who is part of the complaint to respond to the client’s concerns. The response is sense-checked with Compliance prior to being sent to the client.

What happens once a complaint has been submitted?

Upon receiving the client’s complaint, the Compliance Officer will:

  • Log the complaint in our internal complaints’ register that is regularly maintained and send the client an acknowledgement of receipt within 3 working days of receiving the complaint should the complaint be deemed to be reportable.
  • Request further documents/information if necessary and investigate the complaint.
  • Finalise the outcome of the investigation and provide the client with a written response, within 3 weeks of receiving the complaint, indicating:
    • Full and appropriate redress; or
    • Reasons why the complaint could not be finalised.
Internal complaint escalation & review process
  • Through the adoption of this policy, the organisation establishes an appropriate internal complaints escalation and review process.
  • The organisation is committed to ensuring that the procedures within the complaints escalation and review process is not overly complicated and does not impose unduly burdensome paperwork or other administrative requirements on complainants.
  • The internal complaint escalation and review process –
    • follows a balanced approach, which bears in mind the legitimate interests of all parties involved, including the fair treatment of complainants;
    • provides for the internal escalation of complex or unusual complaints at the request of the Compliance Officer;
    • provides for complainants to escalate complaints not resolved to their satisfaction to the Ombud.
Enforcing the decision regarding a compliant
  • Where a complaint is upheld, any commitment by Chartered to make a compensation payment, goodwill payment or to take any other action must always be carried out without undue delay and within the agreed timeframes.
  • Where a complaint is rejected, Chartered will provide the complainant with clear and adequate reasons for the decision and will also inform the complainant of the escalation or review process.
When will the complaint be finalised?

Once the complaint has been received by the Compliance Officer and the client has been sent an acknowledgement of receipt, Chartered will finalise any necessary investigations and provide the client with a final response within 3 weeks. A complaint is only deemed to be finalised once a final response has been provided to the client and consensus as to the outcome has been reached.

If the client’s complaint cannot be resolved within 3 weeks, Chartered will inform the client of this and advise on the status of the investigation and provide the client with an expected timeline.

Should the client not be satisfied with Chartered’s final response, the client may refer their complaint to the FAIS Ombud at the details below, but they may only do so within 6 months of receiving Chartered’s final response.

ADDRESS DETAILS

Kasteel Park Office Park, Orange Building, 2nd Floor, 546 Jochemus Street, Erasmus Kloof, Pretoria, 0048
P.O Box 74571, Lynwood Ridge, 0040

CONTACT DETAILS

Tel: 012 762 5000 / 012 470 9080
Fax: 012 348 3447 / 012 470 9097 / 086 764 1422

E-MAIL

enquiries@faisombud.co.za / info@faisombud.co.za

WEBSITE

www.faisombud.co.za

The FAIS Ombud may not consider a complaint if:

  • The amount claimed is in excess of R800 000;
  • The complaint relates to an act or omission which occurred prior to the date of the commencement of FAIS (being 15 November 2002);
  • The matter is under litigation;
  • The complaint was not referred to the FAIS Ombud within 6 months of Chartered’s final response.

A complete list of all the contact details for the relevant Ombuds can be found in Annexure A at the end of the document should they be necessary.

How we engage with the Ombud for reporting
  • We are committed to transparent engagement with any relevant Ombud in relation to our complaints.
  • Chartered will monitor determinations, publications and guidance issued by any relevant Ombud with a view to identifying failings or risks in the organisation’s policies, services or practices
  • Chartered will maintain open and honest communication and co-operation between itself and any Ombud with which it deals.
  • We are committed to resolving a complaint before a final determination or ruling is made by an Ombud, or through the organisation’s internal escalation process, without impeding or unduly delaying a complainant’s access to an Ombud.

Chartered will ensure that it has the appropriate processes in place to ensure compliance with any prescribed requirements for reporting complaints related information to any designated authority, or to the public as may be required by the Regulator.

Record Keeping
In accordance with FAIS, all complaints and complaint-related information will be retained by Chartered for a period of at least 5 years from the date of receipt of the complaint. This may include personal information relating to the complainant and the details of the complaint as well as all correspondence.
Complaints registers

Chartered keeps record of all complains in the following register:

  • The Chartered Group Complaints Register

This register is updated with every complaint and reviewed by the board annually to ensure that all risks, trends and issues that might occur from these complaints can be addressed by the business.

Reporting to Registrar
The Compliance Officer will ensure that the appropriate complaints related reporting is prepared in compliance with Regulatory requirements.
ANNEXURE A – Important Ombud contact deta

National Financial Ombud Scheme (the Ombudsman for Banking Services, the Credit Ombudsman Association, the Ombudsman for Long-term Insurance and the Ombudsman for Short-term Insurance have amalgamated into one ombud scheme)

Johannesburg: 110 Oxford Road
Houghton Estate
Johannesburg
2198
Cape Town: 6th Floor, Claremont Central
6 Vineyard Road
Claremont
Cape Town
7700
Telephone: 0860 800 900
WhatsApp number: +27 (0) 66 473 0157
Email: info@nfosa.co.za
Pension Fund Adjudicator (PFA)
Postal Address: Pension Fund Adjudicator
P.O. Box 580
Menlyn
0063
Telephone: 012 346 1738 / 012 748 4000
Facsimile: 086 693 7472
E-mail: enquiries@pfa.org.za
Website: www.pfa.org.za
ANNEXURE B – Definitions

“client query” means a request to the provider or the provider’s service supplier by or on behalf of a client, for information regarding the provider’s financial products, financial services or related processes, or to carry out a transaction or action In relation to any such product or service;

“complainant” means a person who submits a complaint and includes a –

  1. client;
  2. person nominated as the person in respect of whom a product supplier should meet financial product benefits or that persons’ successor in title;
  3. person whose life is insured under a financial product that is an insurance policy;
  4. person that pays a premium or an investment amount in respect of a financial product;
  5. member;
  6. person whose dissatisfaction relates to the approach, solicitation marketing or advertising material or an advertisement in respect of a financial product, financial service or related service of the provider, who has a direct interest in the agreement, financial product or financial service to which the complaint relates, or a person acting on behalf of a person referred to in (a) to (f);

“complaint” means an expression of dissatisfaction by a person to a provider or, to the knowledge of the provider, to the provider’s service supplier relating to a financial product or financial service provided or offered by that provider which indicates or alleges, regardless of whether such an expression of dissatisfaction is submitted together with or in relation to a client query, that –

  1. the provider or Its service supplier has contravened or failed to comply with an agreement, a law, a rule, or a code of conduct which is binding on the provider or to which it subscribes;
  2. the provider or its service supplier’s maladministration or wilful or negligent action or failure to act, has caused the person harm, prejudice, distress or substantial inconvenience; or
  3. the provider or its service suppliers has treated the person unfairly;

“compensation payment” means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of a provider to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the provider’s contravention, non -compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the provider accepts liability for having caused the loss concerned, but excludes any –

  1. goodwill payment;
  2. payment contractually due to the complainant in terms of the financial product or financial service concerned; or
  3. refund of an amount paid by or on behalf of the complainant to the provider where such payment was not contractually due;
  4. and includes any interest on late payment of any amount referred to in (b) or (c);

“goodwill payment” means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of a provider to a complainant as an expression of goodwill aimed at resolving a complaint, where the provider does not accept liability for any financial loss to the complainant as a result of the matter complained about;

“member” in relation to a complainant means a member of a –

  1. pension fund as defined in section 1(1) of the Pension Funds Act, 1956 (Act 52 of 1956);
  2. friendly society as defined in section 1(1) of the Friendly Societies Act, 1956 (Act 25 of 1956);
  3. medical scheme as defined in section 1(1) of the Medical Schemes Act, 1998 (Act 131 of 1998); or
  4. group scheme as contemplated in the Policyholder Protection Rules made under section 62 of the Long-term Insurance Act, 1998, and section 55 of the Short-term Insurance Act, 1998;

“rejected” in relation to a complaint means that a complaint has not been upheld and the provider regards the complaint as finalised after advising the complainant that it does not intend to take any further action to resolve the complaint and includes complaints regarded by the provider as unjustified or invalid, or where the complainant does not accept or respond to the providers proposals to resolve the complaint;

“reportable complaint” means any complaint other than a complaint that has been –

  1. upheld immediately by the person who initially received the complaint;
  2. upheld within the provider’s ordinary processes for handling client queries in relation to the type of financial product or financial service complained about, provided that such process does not take more than five business days from the date the complaint is received; or
  3. submitted to or brought to the attention of the provider in such a manner that the provider does not have a reasonable opportunity to record such details of the complaint as may be prescribed In relation to reportable complaints; and

“upheld” means that a complaint has been finalised wholly or partially in favour of the complainant and that –

  1. the complainant has explicitly accepted that the matter is fully resolved; or
  2. it is reasonable for the provider to assume that the complainant has so accepted; and

all undertakings made by the provider to resolve the complaint have been met or the complainant has explicitly indicated its satisfaction with any arrangements to ensure such undertakings will be met by the provider within a time acceptable to the complainant.

ANNEXURE C – Complaints Resolution Process
Process Step Step Details
  1. Lodge/Receive a Complaint
  • The client is to submit the complaint to the FSP in writing to the contact details that appear in the Complaints Management Framework.

    The complaint can be submitted by:

    • Hand
    • Post
    • Fax
    • Email

(If a complaint is submitted telephonically, the FSP will send the client an email to request the relevant details regarding the complaint. The client needs to respond and provide the requested information in writing (e.g. hand, post, fax or email).

  • The client must submit sufficient detail of the complaint, this includes their:
    • Name and surname
    • Policy number
    • ID number
    • Postal address
    • Financial Advisor
    • Product Supplier
    • Product Type: Risk, Investment, Short term, Endowment, Employee Benefits, Disability, Medical Aid, Unit Trust, Wills etc.
    • Complaint Category: Product features and charges; Information Disclosures; Advice; Product performance; Client Services; Access; Changes or Switches; Complaints Handling; Claims; or Other complaints.
    • Brief detail of the complaint
  1. Acknowledge

The FSP will:

  • Acknowledge all complaints within 24 hours of receipt.
  • Clearly and transparently communicate the availability and contact details of the relevant Ombud services to complainants (clients) at all relevant stages of the relationship with a client, including at the start of the relationship and in relevant periodic communications.
  • Ensure all communication with a complainant is in plain language.
  • Provide, wherever feasible, clients with a single point of contact for submitting complaints.
  • Promptly inform a complainant of the process to be followed in handling the complaint, including-
    • Contact details of the person or department that will be handling the complaint;
    • indicative and, where applicable, prescribed timelines for addressing the complaint;
    • details of the internal complaints escalation and review process if the complainant is not satisfied with the outcome of a complaint;
    • details of escalation of complaints to the office of a relevant Ombud and any applicable timeline; and
    • details of the duties of the provider and rights of the complainant as set out in the rules applicable to the relevant Ombud
  • Follow up telephonic acknowledgments with a written response either by SMS or email.
  • Despatch a complaint reference number to the complainant on the acknowledgment of the complaint.
  • Disclose to the client:
    • the type of information required from a complainant;
    • where, how, and to whom a complaint and related information must be submitted;
    • expected turnaround times concerning complaints; and
    • any other relevant responsibilities of a complainant.
  • Despatch the details of the person allocated to the complaint to the complainant within 48 hours from receipt.
  1. Allocate a Responsible person

The FSP will:

  • The complaint is allocated and dealt with by a trained staff member.
  • The person responsible for the clients’ complaint will furnish the client with his/her contact details and the reference number of the complaint (if applicable)
  • The Complaints Manager has oversight over the complaints allocated to various personnel
  1. Classify

The FSP will:

  • Ensure that all potential issues are captured and classified for escalation, review, and action, as required
  • Reduce any complaint, issue or negative client interaction to writing then log and classify for action
  • Where a third party is acting on behalf of a complainant, the FSP will ensure that such third party delivers a certified or original consent or power of attorney to act on behalf of a complainant:
    • no further dealings will be pursued with such a third party until the proper authority is obtained, however
    • the complaint will be taken up directly with the complainant on whose behalf the complaint is made
  • Formally log all complaints using a relevant process / Complaints Register (whether manual or via computer database system)

Risk

All complaints will be prioritised as follows:

Risk 1: These are routine complaints with potentially low business impact.

Routine complaints:

  • require a response to the client within 15 working days
  • have the potential of becoming serious or official complaints if disregarded or ignored by the FSP
  • require staff to review the complaint and its priority with the Complaints Manager/Key Individual before proceeding to the next step
  • requires the Complaints Manager/Key Individual to decide on the appropriate person(s) to carry out subsequent steps, including the investigation

Risk 2: These complaints are urgent and can have a serious business impact.

Serious complaints:

  • require a response to the client within 5 – 10 working days
  • are logged on media platforms, received from Legal Advisors or immediately evidence contravention of legislation requirements such as failure to conduct a proper Needs Analysis
  • can cause reputational harm to a business and/or may cause financial loss to a client
  • need to be handled by the Key Individual or a suitable senior person delegated to the task by the Complaints Manager.
  • Complaints received from third parties and/or Legal Advisors will be responded to within 24 hours:
    • acknowledge receipt of the complaint
    • further requesting authority to act on the complainant’s behalf such as a power of attorney or consent by the complainant to deal with the complaint on the complainant’s behalf

No information will be divulged to a third party who does not have the proper authority to act on a complainant’s behalf.

Risk 3: These are urgent official complaints received from Authorities e.g. FAIS Ombud.

Urgent official complaints:

  • are handled by the Complaints Manager
  • Alternatively, the investigation of the complaint may be delegated to a suitable senior person selected by the Complaints Manager
  • The required draft response and attachments will be collated by such senior person
  • The Complaints Manager is responsible for compiling the response to the Authority
  • The response to the Authority will be made within the stipulated turnaround time stated on the official correspondence
  1. Categorisation

The FSP will categorise reportable complaints as per the following minimum categories:

  • 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;
  • Information provided to clients;
  • Advice;
  • Financial product or financial service performance;
  • Service to clients, including those relating to premium or investment contribution collection or lapsing of a financial product;
  • Complaints handling;
  • Insurance risk claims which include non-payment of claims; and
  • Other complaints which can be additional categories relevant to the FSPs chosen business model, financial products, financial services, and client base that will support the effectiveness of its Complaints Management Framework in managing conduct risks and effecting improved outcomes and processes for its clients

Group the Complaints
The FSP will thereafter:

  • Categorise, record, and report on reportable complaints by identifying the category to which a complaint closely relates and group complaints accordingly.
  • Narrow down the categories to the impact on clients
  • Measure the impact of the complaint by further categorising it according to the following TCF Outcomes

TCF Outcome 1
Includes complaints:

  • other complaints relating to management issues

TCF Outcome 2
Includes complaints:

  • relating to the design of a product/service
  • relating to product features and charges that affect this TCF outcome

TCF Outcome 3
Includes complaints:

  • relating to unsuitable or inaccurate, misleading, confusing, or unclear information provided to a client throughout the life cycle of a product
  • FSP to include the Conflict of Interest disclosures required by the FAIS General Code of Conduct (Code); Section 4 and 5 of the Code or any other disclosure requirements in terms of the Code or any other legislation in these disclosures

TCF Outcome 4
Includes complaints:

  • relating to the advice given to a client by an Advisor which was misleading, inappropriate, and/or tainted with conflicts of interest which were not disclosed
  • concerning inappropriate advice given as a result of lack of knowledge, skill, or experience on the part of the Advisor of the product/service being rendered
  • regarding failure to conduct a Needs Analysis and to consider the clients’ financial position, goals, or life stage

TCF Outcome 5
Includes complaints:

  • about product performance and service-related issues
  • relating to a client’s disappointment with limitations in a product/service performance of which they were unaware
  • relating to the inability of a product to meet a client’s expectations
  • related to a Product Supplier’s exercise of a right to terminate a product or amend its terms

TCF Outcome 6
Includes complaints:

  • relating to product accessibility, changes or switches
  • relating to handling and complaints relating to claims
  1. Investigate

The FSP will:

  • Analyse the root cause of the complaint to enable the complaint to be appropriately dealt with and avoid, if possible, its re-occurrence
  • Identify and clarify internal and external key facts.
  • Escalate complaints relating to product features or services handled solely by a Product Supplier.
  • Whenever a complaint is escalated or reviewed ensure that:
    • balanced approach is followed, bearing in mind the legitimate interests of all parties involved including the fair treatment of clients
    • Internal escalation of complex or unusual complaints at the instance of the initial complaint handler is provided for;
    • Clients may escalate complaints not resolved to their satisfaction
    • the escalation is allocated to an impartial, senior functionary within the provider or appointed by the provider for managing the escalation or review process of the provider.
  • Ensure that procedures within the complaints escalation and review process are not overly complicated or impose unduly burdensome paperwork or other administrative requirements on complainants (clients)
  • Document all areas of interaction and communication.
  • Ensure accurate, efficient, and secure recording of complaints and complaints-related information
  • In respect of each reportable complaint, keep a record of:
    • All relevant details of the complainant and the subject matter of the complaint
    • Copies of all relevant evidence, correspondence, and decisions
    • The complaint categorisation
    • The progress and status of the complaint, including whether such progress is within or outside any set timelines
  • Concerning reportable complaints categorised on an ongoing basis record the number of complaints:
    • Received,
    • Upheld,
    • Rejected and their reasoning,
    • Escalated by complainants (clients) to the internal complaints escalation process,
    • Referred to an Ombud and their outcomes;
    • and amounts of Compensation payments made,
    • and amounts of goodwill payments made,
    • the total number of complaints outstanding.
  • Ensure complaints information recorded is scrutinised and analysed on an ongoing basis and utilised to manage conduct risks and effect improved outcomes and processes for clients, and to prevent recurrences of poor outcomes and errors
  • Obtain consent from the complainant to ensure that no personal information is divulged or processed without the complainant’s knowledge or consent.
  • Keep the complainant appropriately updated on the progress of the investigation.
  1. Resolve and Confirm

The FSP will:

  • Ensure that the proposed resolution meets the Treating Customers Fairly Outcomes, does not prejudice the FSP or complainant, and does not involve any unnecessary legal or financial implications.
  • Document and assess the proposed action agreed upon with the Complaints Manager and/or affected Key Individual and Representative.
  • Discuss and review the signed off resolution with the complainant to ensure fairness and clarity and to further ensure that the resolution deals with the root cause of the complaint.
  • Include recognition and documentation of any underlying issues that have contributed to the complaint and recommendations for actions to prevent the further occurrence in the review.
  1. Respond to Client

The FSP will:

  • Ensure the complaint process is accessible through channels that are appropriate to the FSP’s clients
  • Ensure there are no charges for making use of the complaint process
  • Ensure communication is in plain language
  • Clearly explain the details of the findings and proposed resolution to the client – within the agreed timeframes.
  • Where a complaint is upheld, if there has been any commitment by the FSP to make a compensation payment, goodwill payment, or to take any other action ensure it is carried out without undue delay and within the agreed timeframes
  • Where a complaint is rejected, the complainant must be provided with clear and adequate reasons for the decision and must be informed of any applicable escalation or review processes, including how to use them and any relevant time limits.
  • Send a written acknowledgment of the complaint to the complainant, with contact details of the FAIS Ombud, if the complaint cannot be addressed within three weeks and a single point of contact for submitting complaints.

If within six weeks of receipt of a complaint the FSP has been unable to resolve the complaint to the satisfaction of a complainant, the complainant may:

  • refer the complaint to the Office of the FAIS Ombud if he/she wishes to pursue the matter; and
  • the complainant must do so within six months of receipt of such notification.
  • Appropriate processes for engagement with the Ombud
  1. Follow up and review

The FSP will:

  • Diarise complaints to ensure it remains within the appropriate turnaround times.
  • Keep complainant appropriately informed of the progress of their complaint,
  • Keep complainant appropriately informed of causes of any delay in the finalisation of a complaint and revised timelines, should a complaint exceed the turnaround time due to unforeseen and reasonable circumstances.
  • Keep complainant appropriately informed throughout the complaints process of the resolution being sought.
  • Conduct a follow-up on the resolution of the complaint, to ascertain whether the client was satisfied with the complaints-handling process and the resolution sought and whether the resolution was proper and fair.
  • Action any negative responses in the review of complaints.
  1. Quality Assurance and Close

The FSP will:

  • Ensure the Board of Directors/Governing Body/Complaints Manager/Key Individual ensures that all employees of the business have access to the Complaints Management Framework.
  • Ensure the Board of Directors/Governing Body/Complaints Manager/Key Individual approves and oversees the effectiveness of the implementation of the Complaints Management Framework.
  • Ensure the responsible person, making a decision or recommendation is adequately trained, has an appropriate mix of experience, knowledge, and skills in complaints handling, fair treatment of customers, subject matter concerned, relevant legal and regulatory matters also not subject to conflict of interest and be adequately empowered to make impartial decisions or recommendations.
  • Ensure clients will be made aware of the Complaints Management Framework and will have access to the manual upon request.
  • All complaints will be reviewed quarterly and will be used as TCF Management Information to improve overall TCF outcomes.
  • Action all complaints to prevent re-occurrence of poor outcomes and errors, where feasible.
  • Ensure complaints are scrutinised and analysed on an ongoing basis
  • Ensure complaints are utilised to manage conduct risks
  • Ensure complaints effect improved outcomes and processes for its clients
  • Update the Complaints Register.
  • Ensure compliance with any prescribed requirements for reporting complaints information to any relevant designated authority or the public as may be required by the Registrar.
  • Close the matter.