Complaints Procedure

Unfortunately, and despite our best endeavours to serve our client’s interests, they may feel dissatisfied and need to complain. Our firm is required by our regulator, the Financial Conduct Authority (FCA), to have in a complaint handling procedure, and all staff must be aware of the procedures and act in accordance with them at all times. In this context, the measure of our service is not just when things are going well, but how we respond when they aren’t. It is important that you are fully conversant with our procedures and apply consistently high standards in the resolution of complaints for our clients.

 

Understanding the definition of a complaint

A complaint is defined by the FCA as: “Any expression of dissatisfaction, whether oral or written, and whether justified or not, from or on behalf of an eligible complainant about the provision of, or failure to provide, a financial service (or a decision by a firm in relation to a consumer redress scheme) which:

• Alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience; and
• Relates to an activity of your firm, or of any firm with whom your firm has some connection in marketing or providing financial services or products, which come under the jurisdiction of the FOS.”
• We may sometimes receive a complaint which falls outside of the above definition – sometimes referred to as non-regulatory complaints. Whilst these are not subject to the FCA’s complaints handling requirements, we will still handle these in an appropriate manner. This will allow us to identify any underlying causes, training needs or areas for improvement.

 

Our obligations to our clients

Our client disclosure documents includes reference to our complaints handling procedure, but nonetheless a copy of the complaint procedure is required to be given to any client on request and to all complainants with the acknowledgement letter.

 

Understanding our obligations

It is important for you to understand that all complaints (oral or written) must be forwarded immediately to the person responsible for handling complaints.  This is important so that, where appropriate we can try to resolve a client’s concerns within three business days or alternatively, as required, send a prompt written acknowledgement providing early reassurance that we have received the complaint and are dealing with it.

NB: If you are unsure whether an oral or written statement by a client is a complaint, you should always ensure that you pass this information on to the relevant person so that they can decide whether it is a complaint.

 

Understanding our regulatory obligations

The procedures which follow will be the responsibility of the person nominated to handle the investigation of a client’s FCA complaint. It is important however, that you understand the process to be followed.

 

Complaints relating to third parties

If we receive a complaint that is not about us, or our services, and assuming that we can identify the third-party firm to whom the complaint should be addressed, we will carry out the following action:

• We will write to the firm concerned, explaining that we believe the complaint to be theirs, and suggesting that they contact the client directly.
• We will enclose a copy of the original complaint letter.
• We will write to the client, giving contact details of the firm, and invite them to get in touch. We will also enclose a copy of the letter we send to the firm.
• We will copy the new firm in on this letter.

 

Our complaints register 


Once a complaint has been received it will be logged on the complaints register immediately, denoting the date of receipt, category, product type and the individual concerned. The register will be updated accordingly as the investigation progresses.

 

Complaints Resolved by Close of Third Business Day 


Where possible, we will do all we can to resolve a client’s concerns within three business days. Note that we will still apply our normal complaints handling procedures in doing this. Where we consider a complaint to be resolved by close of business on the third business day following the day of receipt we will send the client a written summary resolution communication. This will include:

• Reference to the fact that the client has made a complaint and inform them that we now consider the complaint to have been resolved;
• Confirmation that if the client is not satisfied with the outcome they are entitled to refer the complaint, free of charge to the Financial Ombudsman Service (FOS):
• Confirmation that if the client wishes to exercise their right to refer the complaint to the FOS, they must do so within 6 months or they may lose that right;
• Confirms whether, or not, we consent to waive the relevant time limits for referral to the FOS by including the appropriate wording set out in DISP 1 Annex 3R. There are several prescribed wordings that are required to be used, depending on whether, or not, any time limits have been breached and, if so, whether we are enforcing them or waiving them. A full list of the required wordings for various circumstances are included in our template summary resolution communication; and
• Refer to the availability of further information on the FOS website.

 

When will we deem the complaint to be resolved? A complaint is resolved where the client has indicated acceptance of a response from our firm, with neither the response nor acceptance having to be in writing.

 

Complaints resolved after three business days

Where it is not possible to resolve a client’s concerns within three business days our standard complaints handling procedures will apply as follows:

 

Initial Acknowledgement letter

The complaint will be acknowledged promptly in writing. This will generally be within 5 business days of receiving the complaint. The acknowledgement letter will set out our understanding of the complaint and ask the client to confirm in writing if this understanding is inaccurate. Assuming an investigation has not been completed, the acknowledgement letter will confirm:

• The date of complaint;
• That an investigation will be undertaken;
• The firm’s understanding of the complaint and request confirmation of the accuracy of the firm’s understanding;
• That we will keep the client informed of developments with the investigation of the complaint;
• That if the investigation is not completed within 8 weeks of the receipt of the complaint, a further letter will be sent, informing why we are not yet in a position to resolve the complaint and give an indication of what action can then be taken;
• That on completion of the investigation we will write to inform of the outcome of the investigation; and
• Who should be contacted, should there be any further queries at this stage.
• A copy of our client complaints procedure will be enclosed with the initial acknowledgement letter. 


 

Keeping the client informed 


We will keep the client informed after the issue of the acknowledgement letter of the progress of the measures being taken to resolve their complaint. 


 

Investigation not complete within 8 weeks 


If after 8 weeks the investigation is still not concluded, the client will be notified in writing, highlighting the reasons for the delay and if they are satisfied with the progress to date, they may refer the complaint to the FOS. The letter will also point out that if this has not been referred within 6 months, the client may lose the right to take the complaint to the FOS. 
We may choose to waive the 6-month limit on an individual case basis but our firm is not obliged to do so. The same applies to other time limitations such as where a complaint is made more than 6 years after the event complained of and 3 years after the client should reasonably be aware. 
The letter will incorporate the name, address, website address and telephone number of the FOS and include the FOS leaflet ‘your complaint and the Ombudsman’. 


 

When will we deem the complaint to be closed? 
A complaint is closed where:

• Our firm has sent a final response; or
• The client has indicated acceptance of an earlier response.

 

Investigation

All complaints will be thoroughly investigated and where necessary the member of staff associated with the complaint may be contacted. The investigation will always include a review of the client file, and it may be necessary to contact third parties to obtain further information. 


 

If the person responsible for handling complaints is subject to the complaint, the investigation will be passed onto another senior person within the firm. 


 

When the investigation is completed, the client will be notified of the outcome of the investigation, the nature, and terms of any settlement, and that if they are not satisfied with the outcome that they may refer the matter to the FOS. The letter will also point out that if this has not been referred within 6 months, the client may lose the right to take the complaint to the FOS.

 

We may choose to waive the 6-month limit on an individual case basis, but our firm is not obliged to do so. The same applies to other time limitations such as where a complaint is made more than 6 years after the event complained of and 3 years after the client should reasonably be aware.

 

The letter will incorporate the name, address, website address and telephone number of the FOS and include the FOS leaflet ‘your complaint and the Ombudsman’.

 

Reporting to the FCA

Our firm is required to include information on all complaints in our six-monthly regulatory returns to the FCA. There is an additional return to be completed at the same time notifying the FCA about any individual retail investment advisers involved in the complaint.

 

The Financial Ombudsman Service (FOS)

We may display in our offices, where relevant, a notice indicating that our firm is covered by the FOS.

We will cooperate fully with the FOS and acknowledge that our firm is bound by any awards made by it.

 

Compensation

Should redress be appropriate, we will provide a complainant with fair compensation for any acts or omissions for which our firm was responsible. Appropriate redress will not always involve financial redress. It may, for example, involve an apology.

 

Monenti Partners – Complaints Procedure V 1.1 – January 2022