Complaints Procedure
(i) FCA requirement
JM Wealth (JMW) must have and maintain effective and transparent procedures for the reasonable and prompt handling of complaints. In considering complaints, a firm should have regard to FCA Principal 6 (customers' interests). When problems or root causes are identified, JMW must consider whether it ought to act on its own initiative with regard to the position of customers who may have suffered detriment but who have not complained. JMW also uses information gained from dealing with complaints to monitor the adequacy and effectiveness of its procedures, to minimise the risk of compliance failures in the future.
(ii) Definition of a complaint
A complaint is any expression of dissatisfaction, whether oral or in writing, and whether justified or not, from or on behalf of an eligible complainant about that firm's provision of, or failure to provide, a financial services activity.
All firms must refer in writing to the availability of their internal complaint handling procedures. Details of these procedures must be published and a copy supplied on request to a client, and automatically to a complainant when JMW receives a complaint (unless the complaint is resolved by close of business the following day).
Complaints must be investigated by someone with sufficient competence who, where appropriate, was not directly involved in the matter which is the subject of the complaint. JMW is responsible for the acknowledgement, investigation and resolution of complaints.
(iii) The three-day response
The complaint rules below do not apply to a complaint that is resolved by close of business on the third business day following the day on which it is received. Where JMW considers a complaint to be resolved under this section, it must promptly send the complainant a summary resolution communication which:
1. Refers to the fact that the complainant has made a complaint and confirms it has now been resolved
2. Tells the complainant that if they subsequently decide they are dissatisfied with the resolution, they may still be able to refer the complaint to the Financial Ombudsman Service
3. Indicates whether or not the firm consents to waive the relevant time limits
4. Provides the website address of the Financial Ombudsman Service
5. Refers to the availability of further information on the Financial Ombudsman Service website
Wording to be used on three-day response: "You have the right to refer your complaint to the Financial Ombudsman Service, free of charge, but you must do so within six months of the date of this letter. If the Ombudsman agrees your complaint was made outside of the relevant time limits, they will not have our permission to consider your complaint and will only be able to do so in limited circumstances."
(iv) Procedures for complaint handling
When a complaint is received it must be passed to the Compliance Director within 24 hours of receipt. If the complaint is made over the telephone, you must be polite at all times and obtain as much detail as possible. Following your conversation with the complainant, the Compliance Director will write to the client within 5 business days of the original receipt of the complaint to acknowledge it and confirm the firm's understanding of the complaint.
(v) Time limits
Acknowledgement of complaints must be made in writing and within 5 business days of receipt, giving the name or job title of the person handling the complaint together with a copy of JMW's internal complaint handling procedures.
If a complaint is not resolved within 4 weeks of receipt, JMW must send either a final response or a holding response. The holding response will explain why JMW is not yet in a position to resolve the complaint and indicate when further contact can be expected. This should be within 8 weeks of receipt.
By the end of 8 weeks after JMW received the complaint, JMW must send the complainant either:
- A final response, or
- A response which explains why JMW is still not in a position to make a final response, giving reasons for the further delay and indicating when it expects to provide a final response
At this point JMW must also inform the complainant of the reason for the delay, when it expects the issue to be resolved, that they have the right to refer the complaint to the Financial Ombudsman Service (FOS) if dissatisfied with the delay, and send them a copy of the FOS explanatory leaflet.
(vi) Final response
When sending a final response, this must either:
1. Accept the complaint and, where appropriate, offer redress or remedial action
2. Offer redress or remedial action without accepting the complaint
3. Reject the complaint and give reasons for doing so
And must also:
- Enclose a copy of the Financial Ombudsman Service's standard explanatory leaflet
- Provide the website address of the Financial Ombudsman Service
- Inform the complainant that if they remain dissatisfied, they may refer the complaint to the FOS within 6 months
- Indicate whether or not the firm consents to waive the relevant time limits
Where redress is appropriate, JMW will aim to provide fair and appropriate compensation for any acts or omissions for which it was responsible.
(vii) Controls
There must be appropriate management controls in place. JMW will take reasonable steps to ensure complaints are handled fairly, consistently and promptly, and that it identifies and remedies any recurring or systemic problems.
(viii) Complaint record keeping and reporting
All regulated firms must make and retain records of complaints for a minimum period of three years from the date of receipt. These records should include:
- The name of the complainant
- The substance of the complaint
- Any correspondence between JMW and the complainant, including details of any redress offered