Masthead Financial Planning is an authorised financial services provider (‘FSP’) licensed in terms of the Financial Advisory and Intermediary Services Act (the FAIS Act). The FAIS legislation requires that all FSPs must maintain an internal complaints resolution system and procedure in the event that a complainant complains about a financial service rendered by them.
This document explains the procedure should you wish to complain about any of the financial services rendered by our business and sets out the process that our business will follow in order to resolve the complaint.
Our responsibilities:
In terms of the provisions of the Financial Advisory & Intermediary Services Act, 2002 (“FAIS”), the Codes to FAIS, and the Rules of the Ombud for Financial Services Providers, Masthead Financial Planning will:
• maintain records of complaints for a period of 5 years;
• handle complaints from clients in a timely and fair manner; and
• take steps to investigate and respond promptly to such complaints.
Complaints dealt with in terms of FAIS:
A complaint is defined in the FAIS Act as a specific complaint relating to financial services rendered by a FSP or its representative, either being advice or an intermediary service, which has been rendered on or after 1 October 2004, and where the complainant alleges that the FSP:
• has contravened a provision of the FAIS Act and a result the complainant has suffered or is likely to suffer financial prejudice or damage;
• has wilfully or negligently rendered a financial service to the complainant which has caused, or is likely to cause prejudice or damage to the complainant; or
• has treated the complainant unfairly.
How to submit a complaint:
If a complainant has a complaint against our business, it must be submitted to Masthead Financial Planning in writing. It can be submitted either by hand, post, fax or email to the Masthead Financial Planning contact details that appear below.
The complaint should contain sufficient detail and must include:
• the name of the client and details of the client’s investment; • the full name, ID number and contact details of the complainant as well as proof of authority to act on behalf of the client; and
• specific details about the nature of the complaint, which would include sufficient facts, dates and supporting documentation to enable Masthead Financial Planning to deal with the complaint quickly and fairly.
What will happen once a complaint is made:
• we will acknowledge receipt of the complaint in writing to the complainant as soon as possible after it has been received
• 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 six weeks of receipt of the complaint
• in event that the complaint cannot be resolved, we will advise the complainant in writing of the reasons why the complaint could not be resolved and what further steps are available to the complainant
• we will keep a record of the complaint and maintain such record for five years as required by legislation.
Who will deal with the complaint:
• The complaint will referred to a manager or other authorised person at Masthead Financial Planning, who is skilled and empowered to deal with complaints.
• if the complaint is not resolved to the complainant’s satisfaction
• Legislation requires us to advise the complainant in writing within six weeks of receiving the complaint if the complaint cannot be resolved and the reasons why the complaint could not be resolved.
In the event that the complaint cannot be resolved, the complainant may have recourse to the following, whichever is applicable:
• refer the matter to the FAIS Ombud within six months of notification that the claim cannot be resolved or within six months of the FSP’s failure to deal with the claim
• refer the matter to either the Ombudsmen for Long Term Insurance or to the Pension Funds Adjudicator, if appropriate and within their jurisdiction
• seek legal advice from an attorney regarding any legal action that may be taken
• refer the matter to arbitration or mediation
Access to this policy
This Policy is available on Masthead Financial Planning’s internal CRM system, Xplan or directly from any member of the management team.
Should you have any further questions or concerns, please do not hesitate to contact us.
Important contact numbers:
Masthead Financial Planning
Physical address: 1st Floor, Gijima Terraces, Golf Park (off Raapenberg Road), Mowbray 7700
Telephone: 0861 737 858
Fax: 086 242 4646
Email: complaints@mastheadfp.co.za