COMPLAINTS PROCEDURE AND POLICY
Retirement Planning Services (Pty) Ltd
Retirement Planning Services International (Pty) Ltd
Our Policy and Undertaking
In terms of the Financial Advisory and Intermediary Services Act (Act 37 of 2002), each financial services provider (FSP) which had been aurhorised to offer financial advice or deliver intermediary services, has a responsibility to offer clients a formal process to lodge complaints.
The client will be offered an opportunity to lodge and finalise a complaint within six weeks after lodging the complaint. If the complaint had not been finalised within six weeks, then the client may submit the complaint to the FAIS Ombud for a final ruling. The complaint must be submitted to the FAIS Ombud within six months after it came to light that the FSP is not able to resolve the complaint.
Should a client have a complaint, we as FSP undertake to resolve it in an equitable manner with respect to our clients, our staff and business as an FSP.
Our complaints procedure will always be easily obtainable by our clients – at our office or upon request via e-mail or fax.
We keep the full record of all complaints lodged with us for a period of five years.
What is a complaint?
A specific complaint about a service rendered to a client by the FSP or a representative which states that the FSP or representative:
- Did not comply to the FAIS Act directives and, as result of this, caused financial loss or the possibility of financial loss to the client; or
- Did knowingly or negligently deliver a financial service to a client and, as result of this, caused financial loss or the possibility of financial loss to the client; or
- Treated the client in an unfair manner.
The complaint may not be about the investment performance of a product, except when the financial performance had been guaranteed or if the under-performance is of such a nature that there is suspicion of negligence or misrepresentation.
Requirements of a valid complaint
A complaint must be submitted in writing and must contain all aspects pertaining to the complaint. Copies of all relevant documentation must attached.
The act or omission must have taken place on or after 30 September 2004.
The complaint must be submitted to the Ombud within three years after the offence which lead to the complaint, took place. If the client was not aware of the complaint, then the three years will start on the date when the client became aware of it, or the date that a reasonable person in his/her circumstances would have become aware of it, whichever date comes first.
If the client has started legal action in court, then the Ombud will not consider the complaint.
The FSP must first be given the opportunity to resolve the complaint. Only if the FSP is not able to do so within six weeks to the satisfaction of the client, may the client refer the matter to the Ombud.
The client has six months after receiving final feedback from the person against whom a complaint had been lodged, to refer his/her complaint to the Ombud.
Procedure to submit and deal with a complaint
- Record the date and time of receiving the complaint in the FSP’s Complaints Register.
- Request the client to submit the complaint in writing. Send the FSP’s Complaints Procedure to the client.
- Report the complaint to one of the FSP’s Key Individuals.
- Upon receiving the complaint in writing, provide the client with a written acknowledgement of receipt of the complaint within five days. Provide the client with the name of the FSP’s director who will handle the complaint, as well as all contact details.
- The Key Individual will investigate the complaint, determine its validity and whether it could be rectified immediately.
- If the complaint can be rectified immediately, then the necessary steps will be taken to do so and the client will be informed accordingly.
- If the complaint cannot be rectified immediately, request additional documentation, if necessary, and inform the client about the expected date when the matter will be resolved.
- If the matter cannot be resolved within six weeks, then inform the client that he/she has the following options:
- Refer the complaint to the office of the FAIS Ombud (this must be done within six months); or
- Obtain legal advice
- All details of the complaint must be recorded in the Complaints Register after the complaint had been dealt with.
- The client must be informed about the outcome of the matter.
Details of the FAIS Ombud
Eastwoord Office Park
Cnr Lynnwood Road & Jacobson Drive
PO Box 74571
Tel: +27 12 470 9080
Fax: +27 12 348 3447