Background
Ornatefx Ltd. (the Company) aims to deal with all complaints in a prompt and reasonable manner, ensuring that the client is made aware of the person dealing with the issues raised, and adherence to these procedures will ensure a consistent approach. The client will be updated on the progress made toward resolving the complaint (see Handling complaints below).
A copy of this Complaints Handling Procedure is made available to the client on request.
Definition of a complaint
The definition of a complaint is any expression of dissatisfaction from an eligible complainant, made either orally or in writing, whether justified or not.
Categorisation of complaints
A client may complain for a number of reasons. Any complaint received must be investigated by an employee with sufficient competence who, where appropriate, was not directly involved in the matter that is subject to the client’s complaint.
When dealing with a complaint it is important to understand the jurisdiction where the regulated activity occurred against which the client is complaining.
Any complaints in this respect must be dealt with by the Compliance Officer. Full details of a complaint must be emailed to the Compliance Officer. The responsibility of ensuring all complaints are handled efficiently rests with the Compliance Officer and reporting of all complaints must be made to the Chief Executive Officer of the Company.
Complaint categories:
- Unsuitable / misleading advice / “churning”;
- Delays and other administrative errors;
- Failure to carry out instructions — that has, or may, directly or indirectly lead to a financial loss for the client;
- Switching / churning;
- Poor client service; and
- Misleading product information.
Handling complaints
(a) Initial receipt
When a complaint is received, full details must be passed to the person responsible within 24 hours of receipt. If the complaint is made over the telephone, you must obtain as much detail as possible before passing the notes from the conversation and other relevant information to the person responsible.
(b) Acknowledgement of the complaint
Unless the complaint is of a “simple nature” and can be resolved within 24 hours, a letter or email acknowledging the complaint must be sent within 48 hours of receipt. The acknowledgement will state:
- the name and job title of the person now dealing with the complaint;
- their contact details; and
- the expected timescale (if possible) to resolve the complaint and when the client can expect to receive an update on progress.
(c) Further timescales
If the complaint has not been resolved within 30 days then a further letter will be sent to the client stating:
- the present position with regard to the investigation into the complaint; and
- an estimation (if possible) of how long it will take to bring matters to a conclusion.
These represent minimum business standards. Clients will be contacted more frequently as appropriate given the nature of the complaint made.
(d) Investigation of the complaint
To enable the complaint to be addressed as soon as possible, the areas involved in both the sale and processing of the business may be asked to provide information and/or a report on the matter. These requests must be given priority.
(e) Investment performance
A complaint about investment performance is not viewed as a “regulatory complaint”. Where complaints of this nature are received from a client, they should be dealt with by an appropriate adviser. Where it is clear that other issues are involved (as well as investment performance), then the case file should be dealt with in accordance with the above.
Record keeping
All complaints received must be recorded on an internal database. The Compliance Officer will maintain a database of all referred complaints and accurate records, because doing so:
- assists the business in meeting its applicable regulatory requirements;
- enables the business to monitor the number of complaints being received;
- helps identify any consultants who may require additional training or coaching to ensure they meet the required business standards in advice, client servicing, etc; and
- helps identify amendments that may be required to internal procedures arising from the volume of recorded complaints.
Maintenance of internal record-keeping is monitored by compliance on an ongoing basis.
Redress
Where redress is appropriate, any sum paid will aim to provide fair and reasonable compensation for any acts or omissions for which we are responsible, and will comply with any offer of redress which the complainant accepts.
No compensation may be paid unless prior sign-off has been obtained from the directors of the Company.
If a client is not happy with the complaints redress and assessment, the client shall be shared the details of the Mauritius Financial Services Commission and the Ombudsperson for financial services in Mauritius for further notifications.
When communicating the level of redress to the client, an explanation will be provided of how the amount has been determined. The letter sent to the client will include a declaration for the client to sign and return. This declaration is a “full and final settlement” document. The payment of any redress cannot take place until the signed declaration has been returned by the client.
Employee awareness
All relevant employees are made aware of our complaints handling procedures. A copy will be provided to advisers during their induction programme and no later than sign-off to full, competent adviser status.
For complaints, email support@ornatefx.com.