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Complaints Policy

Subordinate regulation 15, Part XI (17) of the Financial Advisory and Intermediary Services Act, 2002

National Satellite Brokers (FSP number 16908) is committed to:

Maintaining this manual which outlines the system and procedure for the internal resolution of complaints; and

Ensuring that clients have full knowledge of the procedures for resolution of their complaints; and

Ensuring the existence of easy access to such procedures is open to clients; and

Ensuring a speedy resolution of a complaint by means of the resolution process being effected which is fair

to all clients and the Financial Services Provider and its Employees.

 

Introduction

Generally, the FAIS Act’s complaint resolution mechanisms aim at providing speedy and cost-effective measures to save clients having to follow the costly and time consuming route via the courts. This does however not preclude clients from exercising their ultimate rights to seek redress through the courts, as clearly stated in Section 40 of the Act. Obviously, in complicated cases involving large amounts of damages, the latter route will
always be preferable.1

In terms of Part XI of the General Code of Conduct, Financial Services Providers are obliged to maintain an internal complaint resolution system and procedure. Notwithstanding that the current wording of Part XI means that the establishment of an internal complaint resolution system corresponding to that prescribed is not obligatory for a Representative, it is a specific requirement for all employees, including Representative’s, of National Satellite Brokers PTY (LTD) that they adhere to the requirements of this Manual as well as all the provisions of the Financial Advisory and Intermediary Services Act of 2002 with regard to complaints.

 

Definitions

Complaint means a specific complaint relating to a financial service rendered by a Financial Services Provider or Representative to the complainant after the 30 September 2004 and in which complaint it is alleged that the Financial Services Provider or Representative –

  • – Has contravened or failed to comply with a provision of this Act and that as a result thereof the complainant has suffered or is likely to suffer financial prejudice or damage;
  • – Has willfully 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;

1 Financial Advisory and Intermediary Services Manual by Franso Van Zyl published by JUTA

 

General Obligations

We must attend to the following;

  • – Request that the client who has a complaint against either us or our Representative to lodge such complaint in writing.
  • – Promptly acknowledge receipt of complaints in writing to a client, giving the client the communication particulars of the contact staff to be involved in the resolution procedure.
  • – Handle clients’ complaints in a timely and fair manner, with each complaint receiving

  proper consideration in a process that is managed appropriately and effectively.

  • – Inform the client of the outcome of the enquiry within 4 weeks of receiving the

  client’s complaint.

  • – Advise the client of any further steps, which may be available to the client in terms of the Financial Advisory and Intermediary Services Act, or any other law, where a client’s complaint is not resolved to    
  • the client’s satisfaction. Should the outcome of a complaint not be in the client’s favour, full written reasons must be given and the client must be advised that the complaint may be pursued within 6  
  • months with the Ombud for Financial Services Providers, whose name, address and other contact particulars must simultaneously be provided to the client.
  • –  In any case where a complaint is resolved in favour of a client, ensure that a full and appropriate level of redress is offered to the client without delay.
  • –  Maintain a record of complaints received for a period of 5 years, together with an indication whether or not complaints were resolved.
  • –  Ensure that all existing and new clients have full and appropriate knowledge of the procedures for the resolution of their complaints. All existing clients are to be made aware of this internal complaint
  • resolution system and procedure manual.

But  always,  in  any  particular  case,  before  the  Ombud  enjoys  jurisdiction,  an aggrieved client must first resort to the internal complaint resolution system and procedure.

 

Resolution of Complaints

The  Financial  Services  Provider  must  ensure  the  existence  and  maintenance  of  the following:

  • –  Availability of adequate manpower and other resources;
  • –  Adequate  training  of  all  relevant  staff,  including  imparting  and  ensuring  full knowledge of the provisions of FAIS, the Rules and the General Code of Conduct with regard to resolution of complaints;
  • –  Ensure that responsibilities and  mandates are delegated  to  facilitate  complaints resolution of a routine nature;
  • –  Ensure that there is provision for the escalation of non-routine serious complaints and the handling thereof by staff with adequate expertise;
  • –  Internal follow-up procedures to ensure avoidance of  occurrences giving rise to complaints, or to improve services and complaint systems and procedures where necessary.

 

Specific Obligations2

(1)      Subject to the other provisions of this section, this internal complaint resolution system and procedure of National Satellite Brokers PTY (LTD) , including its Representatives, contain arrangements  

           which –
(a)  must –
(i)  reduce  the  details  of  the  internal  complaint  resolution  system  and procedure of National Satellite Brokers PTY (LTD) , including all subsequent updating or upgrading thereof, to writing;
(ii) provide that access to the procedure is at all times available to clients at any relevant office or branch of National Satellite Brokers PTY (LTD) , or by electronic medium, and that such availability is  

     appropriately made known to existing clients;
(iii) include in the details envisaged in para (i) a reference to the duties of National Satellite Brokers PTY (LTD) and the rights of the clients;
(iv) include in such detail a clear summary of the provisions of the Act, which will apply whenever the client, after dismissal of a complaint by National Satellite Brokers PTY (LTD) , wishes to pursue further

      proceedings before the Ombud; and
(v) include in such detail the name, address and other contact particulars of
     the Ombud; and

2 Financial Advisory and Intermediary Services Manual, by Franso Van Zyl published by JUTA

(b)     must stipulate that complaints must, if possible, be submitted in writing and must contain all relevant information, and that copies of all relevant documentation must be attached thereto;
(c)      must  provide  that  the  receipt  of  complaints  is  promptly  acknowledged  in writing to the client, with communication particulars of contact staff to be   

          involved  in  the  resolution  of  the  complaint,  and  are  properly  internally recorded by the relevant staff for purposes of compliance with Sec 18(b) and (d) of FAIS;
(d)     must  make  provision  that  after  the  receipt  and  recording  of  a  particular complaint, the complaint will as soon as practically possible be forwarded to the relevant staff appointed to consider its

          resolution, and that –
(i)       the complaint receives proper consideration;
(ii)      appropriate management controls are available to exercise effective control and supervision of the consideration process;
(iii)      the client is informed of the results of the consideration within 4 weeks  of  receiving  the  client’s  complaint:  Provided  that  if  the outcome is not favourable to the client, full written reasons must

          be furnished to the client within 4 weeks of receiving the complaint, and the client must be advised that the complaint may within 6 months be pursued with the Ombud whose name, address and

          other contact particulars must simultaneously be provided to the client.
(2)      In any case where a complaint is resolved in favour of a client,  National Satellite Brokers PTY (LTD) must ensure that a full and appropriate level of redress is offered to the client without any delay.

 

Verbal complaints

In all instances where there is a verbal complaint from a client the person receiving the call shall:

  • –  In the first instance transfer the call to a Manager
  • –  Should a Manager not be available then take note of the name and contact detail of the complainant. Inform the client that the complaint will be referred to a Manager as soon as the Manager is   
  • Inform the client of his or her name and contact detail.
  • –  When  the  Manager makes  contact with  the  complainant  the  Manager  must inform the complainant that the complaint must be reduced to writing. Immediately after this contact the Manager must   
  • then send either a letter or fax or e-mail to the client confirming the discussion and more specifically that the

 

complaint must be put in writing.

  • –  In all instances copies of correspondence and other relevant information must be copied to the Administration Manager without delay.
  • –  The Administration Manager must immediately inform the FSP or Representative of the complainant together with the action taken.

 

Category of persons qualifying as complainants

Where appropriate, a complainant includes the complainant’s lawful successor in title or the nominated  beneficiary  of  the  financial  product  which  is  the  subject  of  the  relevant complaint.