Complaints policy
This document outlines the complaints policy of Aequitas Wealth Management Limited (AWM) and provides guidance on how to treat any complaints that are received.
A complaint can be defined as an expression of dissatisfaction, verbal or written, justified or not, about AWM or its employees’ provision or failure to provide a financial service. It is always preferable to resolve these expressions of dissatisfaction as soon as possible and to ensure that the complainant considers that their concerns have been understood and taken seriously.
All complaints should be dealt with promptly and any investigations should be competent, diligent and impartial. If any conflicts of interest are identified, these should be managed and wherever possible an independent person should carry out these investigations.
The procedures to adopt in the event of a complaint being received are:
If in writing: the letter should be handed to Compliance as soon as it is received.
If made orally: a note should be made of the name, contact details including a phone number, time and date, and nature and subject of the complaint and this should be handed to Compliance as soon as possible. It may be that the complainant wants to discuss their concerns with a named person and in this instance the offer to arrange for a call back should be made.
If a complaint is received from an authorised intermediary, it should be treated as a complaint and the procedures followed. If the complaint relates to a client or is made on behalf of a client and is made via an authorised intermediary, the procedures should be followed as if the client had complained themselves and any communications also addressed to the client.
It will be the responsibility of Compliance to investigate the complaint and reach a conclusion on its merits.
If the complaint is resolved to the satisfaction of the complainant within 3 working days, it is not necessary to take any further action beyond making a record in the appropriate register and sending a summary resolution letter. This letter should inform the complainant of their rights, should they again become dissatisfied at a later date, to refer the complaint to the Financial Ombudsman Service, the contact details of the FOS and that any referral must be made within 6 months.
For all other complaints, it will be the responsibility of Compliance to acknowledge the complaint in writing. In the case of a verbal complaint or where the nature of the complaint is uncertain, this letter should outline AWM’s understanding of the nature of the complaint and request that the complainant confirm and clarify this by annotating, signing and returning a copy of the acknowledgement letter. The letter should also confirm that the complainant will be advised of the outcome of the investigations as soon as possible after they have been completed and, if longer, a letter detailing the up-to-date position will be sent after 8 weeks of the complaint being received.
If the investigations are incomplete or a decision has not been made on the merits of the complaint after 8 weeks, a letter should be sent to the complainant advising them of the situation, anticipated timescales and also that they have the right to refer the complaint to the Financial Ombudsman Service (FOS), the contact details of the FOS and that any referral must be made within 6 months.
Once the investigations are complete and a decision on the merits of the complaint has been made, a letter should be sent to the complainant with the findings and details of any redress considered appropriate. This letter should inform the complainant of their rights, should they remain dissatisfied, to refer the complaint to the FOS, the contact details of the FOS and that any referral must be made within 6 months.
All complaints should be logged in the appropriate register, and this should be reviewed periodically to determine if there are any systemic themes that require changes to the practices and procedures of AWM.