Complaints Management

1. Introduction

FINSAI TRADE LTD. — a Financial Services Company authorized and regulated by the International Services Authority of Mauritius — has implemented this Complaints Management Framework to devise and implement a complaint handling process.

The Complaints Management Framework is a guiding principle on the handling, processing, and escalation of complaints to ensure fair outcomes, manage business risk and conform to regulatory obligations. The process seeks to align with the concept of treating customers fairly in support of the Financial Sector Conduct Authorities mandate.

2. Definitions

Client query means a request to the provider or the provider's service supplier by or on behalf of a client, for information regarding the provider's financial products, financial services or related processes, or to carry out a transaction or action in relation to any such product or service.

Complainant means a person who submits a complaint and includes a client, a person nominated as the person in respect of whom a product supplier should meet financial product benefits or that person's successor in title, a person whose life is insured under a financial product that is an insurance policy, a person that pays a premium or an investment amount in respect of a financial product, a member, or a person whose dissatisfaction relates to the approach, solicitation, marketing or advertising material or an advertisement in respect of a financial product, financial service or related service of the provider.

Complaint means an expression of dissatisfaction by a person to a provider or, to the knowledge of the provider, to the provider's service supplier relating to a financial product or financial service provided or offered by that provider which indicates or alleges that the provider or its service supplier has contravened or failed to comply with an agreement, a law, a rule, or a code of conduct; that the provider or its service supplier's maladministration or wilful or negligent action or failure to act has caused the person harm, prejudice, distress or substantial inconvenience; or that the provider or its service supplier has treated the person unfairly.

Compensation payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of a provider to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the provider's contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint.

Goodwill Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of a provider to a complainant as an expression of goodwill aimed at resolving a complaint, where the provider does not accept liability for any financial loss to the complainant as a result of the matter complained about.

Rejected in relation to a complaint means that a complaint has not been upheld and the provider regards the complaint as finalised after advising the complainant that it does not intend to take any further action to resolve the complaint.

Reportable Complaint means any complaint other than one that has been upheld immediately by the person who initially received the complaint; upheld within the provider's ordinary processes for handling client queries within five business days; or submitted in such a manner that the provider does not have a reasonable opportunity to record details.

Upheld means that a complaint has been finalised wholly or partially in favour of the complainant.

3. Purpose

The objective of the complaints process is to uphold the principle of fairness, transparency and accountability when engaging with complainants and complaints. This will promote the integrity and good standing of the organisation and ensure fair outcomes to clients.

  • Provide processes for redress where the provider or its service provider has contravened or failed to comply with an agreement, a law, a rule, or a code of conduct.
  • Provide processes for accountability, responsibility and redress where the provider or its service supplier's maladministration or wilful or negligent action or failure to act has caused the person harm, prejudice, distress or substantial inconvenience.
  • Embed a process that is appropriate and commensurate with the nature, scale and complexity of the business and its risk.
  • Provide complainants with a simple and accessible complaints handling procedure.
  • Ensure that all staff understand how and when to handle a complaint.
  • Ensure that complaints are handled fairly, expeditiously, respectfully and with the required level of sensitivity.
  • Ensure impartiality and objectivity in the handling of complaints.
  • Ensure that the complaints process is clear, transparent, and properly documented.
  • Ensure that complaints are monitored to improve service delivery and increase confidence in our business.
  • Provide for a clear procedure detailing time frames, escalation processes, monitoring, review and oversight.
  • Identify risks, trends and actions taken in response to complaints.
  • Analyse and document the effectiveness and outcomes of the complaints management framework.

The complaints framework will be updated according to any legal determinations, publications and guidance issued by the Ombudsman, as and when necessary, or at least annually.

4. Our Policy

Finsai Trade Ltd is committed to providing the highest standard of service to its clients and customers. All complaints are taken seriously and resolved as soon as reasonably practical and as closely as possible to the allocated time frames. The governing body / senior management is responsible for the establishment, maintenance, and operation of an adequate and effective complaints management framework that is commensurate with the scale and complexity of our business.

  • Handle all complaints fairly and ensure that all complainants receive the assistance they require without unreasonable barriers to the complaints process.
  • The complaints process is open to all clients who use our services, have complaints about representatives, products, or other related services.
  • All complaints will be addressed according to the procedure detailed herein and given the level of confidentiality they deserve subject to any laws that may preclude such right.
  • A register of complaints will be maintained and monitored.
  • The complaints procedure will be monitored regularly to ensure that it is fair and non-discriminatory.
  • All staff and management will familiarise themselves with the contents of this document and ensure compliance with the processes therein.

5. Responsibility

The board of directors, the governing body, or the key individual of the provider, excluding a representative, is responsible for effective complaints management and must approve and oversee the effectiveness of the implementation of the provider's complaints management framework. Persons responsible for making decisions or recommendations in respect of complaints will be:

  • Adequately trained;
  • Have an appropriate mix of experience, knowledge and skills in complaints handling, fair treatment of customers, the subject matter of the complaints and relevant legal and regulatory matters;
  • Not be subject to a conflict of interest; and
  • Suitably empowered to make impartial decisions or recommendations.

6. The Complaints Process

6.1 Submission of complaints

Complaints may be submitted to the product supplier or Finsai Trade Ltd according to the nature of the complaint. You have a right to lodge a complaint should you feel that any representative of Finsai Trade Ltd has contravened or failed to comply with a provision of this Act, and that as a result thereof you have suffered or are likely to suffer:

  • Financial prejudice or damage;
  • If any representative of Finsai Trade Ltd has willfully or negligently rendered a financial service to you which has, or is likely to cause prejudice or damage to you;
  • Where you believe you have been treated unfairly.

Your complaint must be lodged in writing with the internal compliance officer or compliance department of Finsai Trade Ltd or product supplier and follow the internal complaints and escalation processes. Complaints are handled by a suitably qualified person.

The following information must be provided with the complaint: Name, Surname, Contact number, Details of the complaint or query, Reference number or policy number.

7. Complaints Review and Escalation

7.1 Acknowledgement of receipt

Finsai Trade Ltd will ensure that the complainant receives acknowledgement of the complaint using email communication within 48 hours of receipt of complaint. The email will indicate that a formal response will be provided within 7 days of the initial 48-hour communication. Depending on the complexity of the matter the response may extend to 14 days. Upon receipt of the response the complainant will have 7 days within which to respond. Finsai Trade Ltd will endeavour to resolve all complaints within 6 weeks, failure of which the complainant may approach the Ombudsman for determination. Complaints lodged with the Ombudsman must be submitted within 6 months from the date of the FSP's final response.

7.2 Review and escalation

  • All complaints received via any medium will be handled internally by a representative of the complaints department.
  • Should the representative fail to resolve the complaint to the satisfaction of the complainant, the complaint will be escalated to the Complaints Manager.
  • The Complaints Manager will exercise reasonable care and skill to ensure that the complaint is resolved amicably and within reasonable time.
  • The complainant will be kept informed during the process.
  • The Manager will ensure that the complaint is attended to and resolved within 6 weeks as per legislation.
  • In the event there is a delay in the resolution feedback, this must be communicated to the complainant and managed within the correct time frame.

7.3 Final Decision

  • The final decision and outcome for the complaint will be officially communicated to the complainant.
  • The details for all regulatory bodies' escalation channels will be provided to the complainant together with the outcome/resolution of the complaint.

8. Categorisation of Reportable Complaints

The organisation will categorise its complaints according to the categories below and will in addition include any other relevant categories unique to its product offering, business and industry.

  • Complaints relating to the design of a financial product, financial service or related service, including the fees, premiums or other charges related to that financial product or financial service.
  • Complaints relating to information provided to clients.
  • Complaints relating to financial product or financial service performance.
  • Complaints relating to a service to clients, including complaints relating to premium or investment contribution collection or lapsing of a financial product.
  • Complaints relating to financial product accessibility, changes or switches, including complaints relating to redemptions of investments.
  • Complaints relating to complaints handling.
  • Complaints relating to insurance risk claims, including non-payment of claims.

9. Record Keeping, monitoring and analysis of complaints

9.1 Record keeping and monitoring

The categorisation of complaints will also determine the nature of the risk and risk exposure of the FSP and inform the processes of risk management on an ongoing basis. Information tracked includes:

  • Number of complaints received.
  • Number of complaints upheld.
  • Number of rejected complaints and reasons for the rejection.
  • Number of complaints escalated by complainants to the internal complaint's escalation process.
  • Number of complaints referred to an ombud and their outcome.
  • Number and amounts of compensation payments made.
  • Number and amounts of goodwill payments made.
  • Total number of complaints outstanding.
  • Recordings for telephonic conversations, and emails confirming electronic communication.
  • Where complaints were received in hard copy, such evidence must be scanned and saved to cloud.

9.2 Analysis and tracking of complaints

  • All complaints must be categorised correctly within the business, to allow for further analysis and decisions to eradicate certain complaints within the control of Finsai Trade Ltd.
  • The report must differentiate the complaints resolved within timelines from those that exceeded the timeline.
  • The Complaints management policy clearly depicts the procedures to be followed when handling complaints.
  • The Complaints Manager is required to identify risks and place mitigating actions in place to reduce, manage, or avoid such risks.
  • Any complaint lodged with Finsai Trade Ltd through a client, or the ombudsman must be tracked, documented, and stored for safe keeping in line with legislation.
  • A Complaints Risk Tracker will track against possible risk, based on the current and foreseeable complaints to be dealt with in by the business.
  • Risk tracking will allow for the executive management to continuously review the framework in its entirety.

10. Resourcing the Complaints' Function

The Complaints Manager must be adequately resourced to be able to deal with the ombudsman without any delay in providing all information required for the complaint to be dealt with. Finsai Trade Ltd has processes in place that support the complaints manager to discharge this duty effectively.

11. Obtaining information from external sources

11.1 Obtaining information

Finsai Trade Ltd's complaints process provides mechanisms to assist the manager to obtain information required to resolve the complaint. This entails dealing with both internal and external stakeholders in obtaining information required, within timelines that do not exceed the legal time frame allocated for resolution.

The referral process between product suppliers and Finsai Trade Ltd must clearly define the time for feedback between organisations to ensure that no timeline in the resolution process is affected. The standard process is that each organisation must provide the requested information within 48 hours from receipt of such request.

11.2 Reviewing the complaints policy and framework

Finsai Trade Ltd must ensure that during any review of the Complaints Management Framework, all changes are tracked and documented during each update. There must be a high-level summary depicting the changes during the review and update of the policy.

12. Decisions Relating to Complaints

12.1 Upholding complaints

Where a complaint is upheld, any commitment by the provider to make a compensation payment, goodwill payment or to take any other action must be carried out without undue delay and within any agreed timeframes.

12.2 Rejection of complaints

Where a complaint is rejected, the complainant must be advised on further steps that they can take in the event they are dissatisfied with the outcome. The details for the ombudsman must be given to the complainant should they decide to pursue the complaint further.

12.3 Obtaining information relating to a complaint

Finsai Trade Ltd will ensure that the process of obtaining information relating to a complaint is efficient. The information will be scrutinised and analysed by a provider on an ongoing basis and utilised to manage conduct risks and effect improved outcomes and processes for its clients.

13. Communication with Complainants

The representative must ensure that the complainant is informed upon receipt of a complaint and ensure that the complainant understands the information required to assist with the resolution together with the process of supplying such information. Finsai Trade Ltd representatives must correspond with the complainant regarding the intended time or delays to resolve a complaint, and manage expectations with the complainant, until the complaint is finalised.

Contact details for Complaints department of FINSAI TRADE LTD:
Registered address: 3 Emerald Park, Trianon, Quatre Bornes 72257, MAURITIUS

14. Engagement and Reporting to Authorities

A provider must have appropriate processes in place to ensure compliance with any prescribed requirements for reporting information relating to complaints to any relevant designated authority or to the public as may be required by the Registrar.

  • All complaints lodged and resolved must be tracked using the Complaints tracker and readily accessible to the complaints manager for risk mitigation and analysis and reporting purposes to the authorities.
  • All written communication during the complaint's resolution process must include the details for the financial services Ombudsman.
  • The resource dealing with telephonic communication with a complainant must furnish the complainant with details of the financial services ombudsman during all calls.
  • In the event the complaint has been attended to on behalf of a Product supplier, the relationship between Finsai Trade Ltd and the Product supplier must be shared with the complainant.
  • The Complaints manager will adhere to honest and reasonable communication with the Ombudsman, ensure they cooperate with the Ombudsman, product supplier and client.
  • The decisions of the Ombudsman are binding on Finsai Trade Ltd / product supplier but not the complainant.
  • The Ombudsman decisions may be based on law or equity.
  • The service of the Ombudsman is free to insured persons.
  • The Ombudsman does not provide legal advice.

Annexure A — Categorisation of Complaints

  1. Complaints relating to the design of a financial product, financial service or related service, including the fees, premiums or other charges.
  2. Complaints relating to information provided to clients.
  3. Complaints relating to advice.
  4. Complaints relating to financial product or financial service performance.
  5. Complaints relating to a service to clients, including complaints relating to premium or investment contribution collection or lapsing of a financial product.
  6. Complaints relating to financial product accessibility, changes or switches, including complaints relating to redemptions of investments.
  7. Complaints relating to complaints handling.
  8. Complaints relating to insurance risk claims, including non-payment of claims.
  9. Any other complaints.