FAIS Complaints Policy
Fin Hound (Pty) Ltd is an authorised financial services provider (FSP) licensed in terms of the Financial Advisory and Intermediary Services Act (the FAIS Act).
The FAIS Act requires that all FSPs must maintain an internal complaints resolution system and procedure in the event that an individual (herein after referred to as a complainant) complains about a financial service rendered by them.
This document explains the procedure should you wish to complain about any of the financial services rendered by our business and sets out the process that our business will follow in order to resolve the complaint.
2. Approval of Policy
This Policy was approved and resolved to be adopted at a meeting of the Board on the 31st day of January 2018.
3. Application of Policy
This Policy will apply in all instances where a complaint arises out of a financial service rendered by a representative or a Financial Services Provider in terms of FAIS.
4. Definition of complaint
Complaint: Refers to a specific complaint relating to a financial service rendered by a financial services provider (FSP) or representative to the complainant on or after the date of the commencement of the FAIS Act. In the complaint, it is alleged that the FSP or representative has been guilty of one or more of the following:
- The FSP or representative has failed to comply with a provision of the FAIS act and that as a result thereof the complainant has suffered or is likely to suffer financial prejudice and damage.
- The FSP or representative 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.
- The FSP or representative has treated the complainant unfairly.
In terms of the FAIS Act, Fin Hound (Pty) Ltd is required to deal with complaints about a financial service that we have rendered.
Fin Hound (Pty) is therefore, unable to deal with a complaint relating to a financial product, the repudiation of any claim, poor investment performance or administrative service received from a product supplier or insurance company. We are also unable to deal with any complaints about a retirement fund or decisions made by the board of trustees. These complaints must be directed to the complaints department of the relevant product supplier or insurance company, or to the principal officer of the retirement fund, as the case may be.
5. Employee Obligations
In the event that you receive a complaint directly from a client, it is imperative you forward such complaint to the Head of Compliance within 2 business days after you have received the said complaint.
6. How to submit a complaint
If a complainant has a complaint against our business, it must be submitted to Fin Hound (Pty) Ltd in writing. It can be submitted either by hand, post, fax or email to the contact details that appear below.
Address: 23 Camdeboo Street, Mayberry Park, Alberton, 1448
Postal address: 23 Camdeboo Street, Mayberry Park, Alberton, 1448
Cell +27 (0)66 307 3825
The complaint should contain sufficient detail regarding:
- The full names, ID/registration number and contact details of the complainant.
- The full names, ID/registration number and contact details of the client (if different from the complainant).
- Full details of the investment or investment number (where applicable).
- Specific details about the nature of the complaint, which would include sufficient facts, dates and supporting documentation to enable Fin Hound (Pty) Ltd to deal with the complaint quickly and fairly.
7. What will happen once a complaint is made?
We will acknowledge receipt of the complaint in writing to the complainant as soon as possible after it has been received, by latest within 3 weeks of receiving the complaint.
Once the complaint has been made, it will be allocated to an appropriate staff member to investigate.
As required by legislation, we will attempt to resolve the complaint within six weeks of receipt of the complaint.
In the event that the complaint cannot be resolved, we will advise the complainant in writing of the reasons why the complaint could not be resolved and what further steps are available to the complainant.
We will keep a record of the complaint and maintain such record for five years from date of complaint as required by legislation.
8. How will we deal with the complaint?
The complaint will be referred to the Key Individual or another authorised person at Fin Hound (Pty) Ltd, who is skilled and empowered to deal with complaints.
9. Our Commitment
Fin Hound (Pty) Ltd is committed to resolve complaints by means of a fair and practical resolution process.
We take steps to investigate and respond promptly to the complaint.
Fin Hound (Pty) Ltd is committed to deal with complaints in a timely and fair manner, with each complaint receiving due consideration in a process that is managed appropriately and effectively.
We will ensure that a full and appropriate level of redress is offered to the complainant, without delay, where the complaint is resolved in favour of the complainant.
10. If the complaint is not resolved to the complainant’s satisfaction
Legislation requires us to advise the complainant in writing within six weeks of receiving the complaint if the complaint cannot be resolved and the reasons why the complaint could not be resolved.
In the event that the complaint cannot be resolved, the complainant may have recourse to the following, whichever is applicable:
- Refer the matter to the FAIS Ombud within six months of notification that the claim cannot be resolved or within six months of the FSP’s failure to deal with the claim.
- Seek legal advice from an attorney regarding any legal action that may be taken.
- Refer the matter to arbitration or mediation.
Should you have any further questions or concerns, please do not hesitate to contact us.
11. Complaints not covered by FAIS
In terms of FAIS, we are required to deal with complaints about a financial service that we have rendered. We are therefore unable to deal with a complaint relating to a financial product, the repudiation of any claim, poor investment performance or administrative service received from a product supplier or insurance company. We are also unable to deal with any complaints about a retirement fund or decisions made by the board of trustees. These complaints must be directed to the complaints department of the relevant product supplier or insurance company, or to the principal officer of the retirement fund, as the case may be.
12. Important contact details
|FAIS Ombud office
PO Box 74571
Tel: 0860 324766
Fax: (012) 348 3447
|National Consumer Commission
PO Box 30251
Tel: 086 0266 786 or (012) 394 1436
Fax: 086 151 5229