Complaints Resolution Policy of CompliMed (Pty) Ltd

What is the purpose of this document?

The Financial Advisory and Intermediary Services Act (FAIS Act) requires that a financial service provider (ie. our brokerage) must maintain an internal complaints resolution system and procedure in the event that a client complains about a financial service rendered by the financial services provider.

In other words, this document explains the procedure should a client wish to complain about any of the financial services rendered by our brokerage, and sets out the process which our brokerage will follow in order to resolve the complaint.

What constitutes a complaint?

A complaint is defined in the FAIS Act as specific complaint relating to financial services rendered by the brokerage or its representative, either being advice or an intermediary service, which has been rendered on or after 1 October 2004, and where it is alleged that the broker:

  • has contravened a provision of the FAIS Act and a result the client has suffered or is likely to suffer financial prejudice or damage;
  • has wilfully or negligently rendered a financial service to the client which has caused, or is likely to cause prejudice or damage to the client; or
  • has treated the client unfairly.

Any complaint relating to a financial product or investment performance should be lodged directly with the relevant product provider or insurance company.

How must a complaint be made?

If a client has a complaint against our brokerage, it must be submitted to our brokerage in writing. It can be submitted either by hand, post, fax or email at the contact details that appear on our disclosure letter.

What happens once a complaint is made?

  • We will acknowledge receipt of the complaint in writing to the client.
  • We will keep a record of the complaint, and maintain such record for 5 years as required by legislation;
  • 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 6 weeks of receipt of the complaint.
  • In event that the complaint cannot be resolved, we will advise the client of the reasons why the complaint could not be resolved and what further steps are available to the client.

Who will deal with the complaint?

The complaint may be handled by either:

  • the key individual or an employee of the brokerage who is skilled and empowered to deal with client complaints; or
  • our Compliance Officer may assist in the resolution of the complaint.

What happens if the complaint is not resolved to the client’s satisfaction?

Legislation requires the broker to advise the client in writing of the reasons why the complaint could not be resolved and what recourse the client may have.

The client may have recourse to the following, whichever is applicable:

  • refer the matter to the FAIS Ombud;
  • refer the matter to the Ombudsmen for Long Term Insurance, Short Term Insurance or Banking, whichever is appropriate and has jurisdiction;
  • refer the matter to the Pension Funds Adjudicator if appropriate;
  • seek legal advice from an attorney of what legal action may be taken; or
  • refer the matter to arbitration or mediation.

Our commitment:

Our policy is to:

  • be committed to resolve client complaints by means of a fair and practical resolution process;
  • take steps to investigate and respond promptly to the complaint
  • deal with complaints in a timely and fair manner, with each complaint receiving due consideration in a process that is managed appropriately and effectively; and
  • ensure that a full and appropriate level of redress is offered to the client, without delay, where the complaint is resolved in favour of the client.

Complaints Resolution Process

Important Contact Details

FAIS Ombud
Postal Address: FAIS Ombud, P.O.Box 74571, Lynwood Ridge, 0040
Telephone: 0860 324 766
Fax: (012) 348-3447
E-mail: info@faisombud.co.za
Website: www.faisombud.co.za

Long Term Insurance Ombudsman
Postal Address: The Ombudsman for Long Term Insurance, Private bag X 45, Claremont, 7735
Telephone: (021) 674-5000
Fax: (021) 674-0951
E-mail: info@ombud.co.za
Website: www.ombud.co.za

Short Term Insurance Ombudsman
Postal Address: The Ombudsman for Short Term Insurance, PO Box 32334, Braamfontein, 2017
Telephone: (011) 726-8900
Fax: (011) 726-5501
E-mail: info@osti.co.za
Website: www.osti.co.za

Pension Fund Adjudicator
Postal Address: Pension Fund Adjudicator, 2nd floor Oakdale House, Fedsure Oval, Oakdale Road, Newlands, 7700
Telephone: (021) 674 0209
Fax: (021) 674 0185
E-mail: enquiries@pfa.org.za

Ombudsman for Banking Services / Banking adjudicator
Postal Address: The Ombudsman for Banking Services, P.O. Box 5728, Johannesburg, 2000
Street Address: : 3rd Floor, 17 Harrison Street, Johannesburg, South Africa
Telephone: (011) 838-0035 or 0860 800 900
Fax: 011 – 838 0043
E-mail: info@obssa.co.za
Website: www.obssa.co.za