Complaints Resolution Process for Clients of. Consilium Securities (Pty) Ltd a member of the JSE Ltd

Transcription

1 Cmplaints Reslutin Prcess fr Clients f Cnsilium Securities (Pty) Ltd a member f the JSE Ltd Table f cntents 1. Intrductin 2. Definitin f a Cmplaint 3. Cmplaints Plicy 4. Cmplaints Prcedure 5. Unreslved client cmplaints plicy 6. Cmplaints Prcess Flw 7. Cmplaints Register 8. Annexure A

2 2 1. INTRODUCTION The Financial Advisry & Intermediary Services Act 2002 deals with cmplaints in sme length. Specifically sectin 27(1) Receipt f Cmplaints, prescriptin, jurisdictin and investigatin The rules and guidelines are effective frm the implementatin date and are valid either revised r revked All licensed financial service prviders FSP s will be required t have systems in place fr the purpse f timeus and efficient reslutin f cmplaints within the specified timeframes. 2. DEFINITION OF COMPLAINT Cmplaint means a specific cmplaint relating t a financial service rendered t the client n r after the date f cmmencement f FAIS, alleging that we: Cntravened r failed t cmply with a prvisin f FAIS and that, as a result, the client has suffered financial prejudice r damage. Wilfully r negligently rendered a financial service t the client which was caused prejudice r damage t the client r which is likely t result in such prejudice r damage; r Treated the client unfairly. Any client that has a cmplaint against the prvider must ldge such cmplaint in writing. Cmplaints received rally shuld be reduced t writing and the clients apprval btained as t its details. A register f cmplaints must be held fr a perid f 5 years. The register shall include the identity, substance and crrespndence f the cmplaint. The cmpany must handle cmplaints in a timely and fair manner. The cmpany must take steps t investigate and respnd prmptly t any cmplaint. The cmpany must advise the client when a cmplaint is nt reslved t the client s satisfactin, f any further steps available t the client in terms f the act. Cnsilium Securities (Pty) Ltd is a member f the JSE Ltd

3 3 3. COMPLAINTS POLICY We are cmmitted t: Reslving client cmplaints in a manner which we believe is fair t ur clients, ur business and ur staff Ensuring that clients have full knwledge f the prcedures established fr internal reslutin f their cmplaints, details f which will be given t them in writing. Ensuring easy access t ur cmplaints reslutin facilities at any f ur ffices, r by way f pst, telephne r electrnic help desk supprt. Emplying and empwering prperly trained peple in ur business t deal with cmplaints, as well as with the escalatin f serius nn-rutine cmplaints. Dealing with cmplaints in a timely and fair manner, with each cmplaint receiving prper cnsideratin in a prcess that is managed apprpriately and effectively. Management versight in terms f a mnthly reprt is imperative. Any verdue cmplaints nt addressed by the apprpriate staff member are t be immediately escalated t Management. Staff member s failure t adhere t any cmplaints timeusly will result in a disciplinary actin taken against the staff member. Offering full and apprpriate redress in all cases where a cmplaint is reslved in favur f a client withut delay. Refer the client t the JSE shuld the client nt be satisfied with Cnsilium s reslutin t the cmplaint Infrming clients f their right t refer their cmplaints t the FAIS Ombud shuld a cmplaint nt be reslved t their satisfactin within fur weeks frm the date n which the cmplaint is received. Maintaining recrds f all cmplaints received fr a perid f 5 years, which will specify whether r nt cmplaint were reslved Cnsilium Securities (Pty) Ltd is a member f the JSE Ltd

4 4 Implementing fllw-up prcedures t: Ensure the avidance f ccurrences giving rise t cmplaints and Imprve services and cmplaint systems and prcedures where necessary 4. UNRESOLVED CLIENT COMPLAINT POLICY Shuld the client still nt be satisfied with Cnsilium s reslutin prpsed t the cmplaint the cmplaint will be deemed unreslved. The client will be advised accrdingly t ldge an unreslved cmplaint, in writing, with the Directr: Surveillance. Giving full particulars f the matters cncerned. In rder fr an unreslved cmplaint t be cnsidered by the JSE Surveillance Department, the cmplaint must be ldged with the Directr: Surveillance within 4 weeks f the receipt by the cmplainant f the member s respnse and within 6 mnths f the cnduct by the member giving rise t the cmplaint An unreslved cmplaint which is ldged subsequent t the perid referred t abve will be cnsidered, prvided that failure t ldge the cmplaint within the relevant perid was thrugh n fault f the client. Cnsilium Securities will endeavur t cperate with the JSE Surveillance department when they may request the member t prvide cpies f all relevant crrespndence and dcumentatin that is required t review the cmplaint. If the JSE Surveillance Department is unable t facilitate a reslutin f the cmplaint within 4 weeks f ldgement f the cmplaint with it, the Directr: Surveillance will refer the unreslved cmplaint t the Cmpany Secretary f the JSE t be dealt with in terms f the dispute reslutin rules. Applicability f the dispute reslutin rule: Where the amunt in dispute is in excess f R2 000; Where the dispute is nt subject f existing litigatin; In the case f a dispute that a client has with a member, where the amunt in dispute either des nt exceed R r, where the amunt in dispute exceeds R , if the cnsent f bth parties t prceed has been btained in the case f a dispute that a member has with anther member, if the members are able t evidence t the satisfactin f the Directr: Surveillance that reasnable endeavrs have been made by the said members t reslve the dispute, and the cnsent f bth parties t prceed has been btained; Cnsilium Securities (Pty) Ltd is a member f the JSE Ltd

5 5 in the case f a dispute that a member has with a client, if the cnsent f the client t prceed has been btained. Reprting f a dispute: An unreslved client cmplaint that the JSE Surveillance Department is nt able t reslve will be reprted as a dispute by the Directr: Surveillance t the Cmpany Secretary f the JSE if the client elects t fllw the dispute reslutin prcess. A dispute between tw members in respect f transactins in equity securities must be reprted in writing, by either member, t the Cmpany Secretary f the JSE within 1 week f the circumstance giving rise t the dispute having arisen. A dispute that a member has with a client in respect f transactins in equity securities must be reprted, in writing by, the member, t the Cmpany Secretary f the JSE within 6 mnths f the circumstance giving rise t the dispute having arisen. The Cmpany Secretary f the JSE may, at any time, will request any f the parties t a dispute t furnish him with such further infrmatin relating t the dispute as may be required. Declaratin f a dispute A dispute reprted in terms f rule will, subject t criteria set ut in rule having been met, be declared a dispute by the Cmpany Secretary and will be referred by the Cmpany Secretary t a duly appinted mbud fr cnsideratin. Cnsideratin by an Ombud The JSE will appint an mbud t cnsider a dispute, wh is a retired judge f the High Curt f Suth Africa r a Senir Cunsel. Within 3 weeks f the dispute having been referred t the mbud fr cnsideratin, the claimant must set ut the subject matter f the claim in a written statement, including all the material facts, and furnish this statement, alng with all relevant dcumentatin upn which the claim is based, t the mbud. The mbud may require the claimant t expand upn his statement f claim r prvide further evidence r particulars as he deems necessary within such reasnable time as is specified by the mbud. The ther party t the dispute, hereafter referred t as the defendant, must be prvided with a cpy f the written statement f claim by the mbud. The defendant must furnish the mbud with his written respnse t the statement f claim within 3 weeks f having received such. In additin t the defendant's written respnse, the defendant must attach theret all ther evidence relating t Cnsilium Securities (Pty) Ltd is a member f the JSE Ltd

6 6 the dispute The mbud may require the defendant t expand upn his respnse r prvide further evidence r particulars as he deems necessary within such reasnable time as specified by the mbud and may require the claimant t prvide a written reply t the defendant's respnse within such reasnable time as he may specify The mbud may at his discretin decide that a number f disputes based n similar ccurrences r similar facts be cnslidated and treated as a single dispute. After ascertaining the parties availability, the mbud will, subject t rule furnish the parties with written ntificatin f the date n which the dispute will be heard. The mbud may make a decisin regarding any issues relating t the dispute r cnsider the dispute n the basis f the dcuments submitted in terms f rules t withut the necessity f a hearing. The dispute reslutin prceedings will be cnducted withut legal representatin f any f the parties, unless the mbud in his sle discretin decides therwise. The mbud, in reaching a decisin, may cnsult with any third party regarding any issue relating t the dispute. The mbud has the discretin t call upn any third party t participate in the dispute reslutin prceedings. The mbud will, after having cnsidered the infrmatin as presented t him by the parties and such ther infrmatin as he may request, make his decisin within 3 weeks f having cnsidered the dispute. The mbud must, at the request f any party t the dispute, prvide written reasns fr his decisin. The Ombud s decisin will be furnished t the parties in writing. The mbud is nt bliged t prvide a ruling n a dispute if he is f the view that the dispute is f such a cmplex nature that it cannt be reslved expeditiusly by means f the dispute reslutin prcess and can nly be prperly cnsidered by a curt f law. Any decisin made in terms f rule must be cmplied with by the party against whm the decisin is made within ne week f the decisin having been made by the mbud. If a member against whm the mbud has made an adverse finding is unable t satisfy his bligatins, as prvided fr in the Ombud s decisin, within the prescribed perid, this member, after the JSE has cnsidered the reasns fr its inability t satisfy the mbud's decisin, may be declared a defaulter by the JSE. The claimant will be permitted t ldge a claim against the JSE Guarantee Fund fr the fulfilment f the member's bligatins in terms f the mbud's decisin. The JSE will have a Cnsilium Securities (Pty) Ltd is a member f the JSE Ltd

7 7 subsequent claim against the member fr the amunt f the member's bligatins t the claimant, as prvided fr in the mbud's decisin, which the JSE Guarantee Fund has satisfied. Unless the JSE, the mbud and the parties t the dispute agree therwise, the identity f the parties, the nature f the evidence and the details f the mbud s deliberatins and finding, and all ther infrmatin pertaining t the prceedings, will be kept cnfidential by all parties theret, unless disclsure by the JSE is required by law. Cst f prceedings The parties t any dispute reslutin prceeding in terms f rule may be required t pay t the JSE, befre the prceedings cmmence such amunt as the JSE may determine as a depsit t cver a prtin f the csts f the prceedings. The mbud may, as part f his award and as he deems apprpriate in the circumstances, make an rder n csts which may include an rder against the unsuccessful party fr payment f all the csts f the prceedings. 5. COMPLAINTS PROCEDURE We deal with cmplaints as fllws: Lg the date and cntents f the cmplaint in the Cmplaints Register. If a cmplaint is nt in writing, the cmpliance fficer will ask the client t ldge the cmplaint in writing. Acknwledge receipt f the cmplaint in writing within 5 days f receipt, and give the client the name(s) and cntact details f the staff respnsible fr the reslutin f the cmplaint. The managing directr needs t be ntified f such cmplaints when it arises. The prvisins f the JSE Equity Rules will be reviewed under sectin 11 t facilitate the reslutin. The cmpliance fficer will investigate the cmplaint t ascertain whether the cmplaint can be reslved immediately. If the cmplaint can be reslved immediately, the cmpliance fficer will take the necessary actin and advise the client accrdingly. If the cmplaint cannt be reslved immediately, send the client a written summary f the steps t be taken t reslve the matter and the expected date f reslutin. Cnsilium Securities (Pty) Ltd is a member f the JSE Ltd

8 8 All investigative evidence f clients cmplaints and crrespndence must be kept safely ensuring that they were apprpriately addressed and the client must be infrmed f the decisin. An acknwledgement that the cmplaint has been dealt with t the satisfactin f the client, fairly, effectively and prmptly and that the reslutin f any unreslved cmplaints is beynd the reach f the TSP will be btained in writing. If unable t reslve the cmplaint within 3 weeks f lgging the cmplaint with the Cmplaints Register, ntify the client by means f a written acknwledgement. This will utline the current status f the cmplaint and the expected date f final reslutin. If unable t reslve the cmplaint within a further 3 weeks f the written acknwledgement (6 weeks since cmplaint lgged), ntify the client giving full written reasns as t why the utcme was nt favrable, and advise the client f their right t seek legal redress by referring the cmplaint t the Office f the Ombudsman. The cmpliance fficer f Cnsilium Securities must advise the cmplainant, in writing, that In rder fr an unreslved cmplaint t be cnsidered by the JSE Surveillance Department, the cmplaint must be ldged with the Directr: Surveillance within 4 weeks f the receipt by the cmplainant f the member's respnse referred t in rule and within 6 mnths f the cntract by the member giving rise t the cmplaint. Update the register with all develpments/activities. Ombud fr Financial Services Prviders (FAIS Ombud) Street Address: Celtis Huse, Eastwd Office Park, Lynnwd, Pretria, 0081 Pstal Address: PO Bx 74571, Lynwd Ridge, 0040 Telephne number: Fax number: Address: inf@faismbud.c.za Website: Acts: Cnsilium Securities (Pty) Ltd is a member f the JSE Ltd

9 9 4. COMPLAINT PROCESS FLOW Client ldges a cmplaint If cmplaint is nt in writing, ask fr a written cmplaint Cmplaint received, validated and lgged as a new Cmplaint On Cmplaint register Acknwledge receipt f cmplaint in writing Within 5 days Cmplaint assigned & investigated Reslve the cmplaint immediately r take the necessary actin and advise the client f steps taken and expected date f reslutin Update the cmplaints register with all develpments/ activities (See Annexure A) Infrm client in writing f the reslutin f the cmplaint and the utcme Ntify the client if cmplaint is nt reslved within 3 weeks advise n status f the cmplaint Ntify the client f final utcme. This must be n later than 6 weeks since the cmplaint was lgged/ Advise client f ther ptins Any unreslved client cmplaint must escalated t the JSE within 4 weeks f the receipt by the cmplainant f the member s respnse referred t in rule and within 6 mnths f the cnduct by the member giving rise t the cmplaint. If the JSE Surveillance Department is unable t facilitate a reslutin f the cmplaint within 4 weeks f ldgment f the cmplaint with it, the Directr: Surveillance will refer the unreslved cmplaint t the Cmpany Secretary f the JSE t be dealt with in terms f the dispute reslutin rules. Cnsilium Securities (Pty) Ltd is a member f the JSE Ltd

10 10 Ntify client f the dispute reslutin rules Reprting f a dispute by JSE Declaratin f the dispute Cnsideratin by an Ombud Cst pf prceedings 5. COMPLAINTS REGISTER The register shuld cntain the fllwing fields: Received: This field will reflect the date n which the letter was received. The receipt perid starts its calculatins here. Date Captured: The date f the day n which the cmplaint is captured. Received Frm: The name and designatin f the persn that submitted the cmplaint must be entered here. It may be a client r a client s representative. Cmplaint Reference Number: This field cntains the clients reference number linked t an internal system Client Surname and Initials: Enter the surname f the client making the cmplaint. Cmplaint Descriptin/Type: Shrt summary f the cmplaint Captured by: The name f the persn wh captured the cmplaint. Respnsible persn internally: Wh will deal with the cmplaint and ensure that it is reslved. Activity Update: Lg all develpments and mvements. Outcme f Cmplaint: Summary f what decisins was taken. Date f Final Cmmunicatin t client: Date f letter t the client. Cmpliance Officer Final Sign Off Designated cmpliance fficer t sign ff a cmplaint as finalised Learnings: This is a field where any pssible lessns learned frm the handling f this cmplaint can be entered. Cnsilium Securities (Pty) Ltd is a member f the JSE Ltd

11 11 ANNEXURE A Received Date Captured Receive d frm Prduct Client Referenc e Number Client Surname and initial Cmplaint descriptin Capture d by Respnsib le Persn Activity Update Outcm e Date cmmunica ted t client Less ns Cnsilium Securities (Pty) Ltd is a member f the JSE Ltd