Sometimes a client may not be happy with a service. This is not necessarily anyone’s fault but may simply be because of the nature of the service. However, there are times when there may be an issue that they are concerned about and may feel that they have been wronged.
If they don’t understand something or think that there is a problem they may ask us for an explanation. We can often resolve matters quickly and easily if asked to do this. But if they are not happy with the answers we give, they may need to make a formal complaint.
This procedure has been written to provide them with details, and assist them to understand our Dispute Resolution Procedure. If they have any questions about the contents they should please contact our Compliance Officer.
Before determining whether a complaint is against MIMIL or against Marlborough Financial Managers (MFM), our Fund’s Authorised Corporate Director (ACD), MFM will be promptly and fully informed of all information regarding a complaint and a decision will be made on where responsibility lies.
What is a Complaint?
We deem a complaint to be any expression of dissatisfaction from or on behalf of a customer, whether oral or written and whether justified or not. Please note that we may handle disputes about regulated investment business in a different way to non-investment disputes.
All expressions of dissatisfaction should be recorded in the firm’s Complaints Register, regardless of whether the firm deems the complaint justified or whether the complaint is made by a person or firm that is not a client of MIMIL.
What do we do if we receive a complaint?
All complaints will be referred to the Compliance Officer even if the dispute has already been resolved by an apology. A dispute may be about a regulated investment product or service or a non-regulated activity. In either case we undertake to resolve the matter in a timely manner and will keep you informed of progress.
Regulated investment complaint
A complaint about a regulated investment activity is defined as:
- an issue is raised by or on behalf of an eligible complainant
- a dispute relating to regulated activity
- a dispute involving an allegation that the complainant has suffered, or may suffer, financial loss, material distress or material inconvenience
If a dispute does not fall within the above definition then it will be treated as a dispute about a non-regulated activity.
It is important to note that MIMIL does not have Retail Clients for its MiFiD related activities.
Acknowledging the dispute
We will acknowledge a complaint in writing within 5 days. Where the complaint was made orally, the letter will set out our understanding of the dispute and invite you to confirm (if our understanding is incorrect) in writing the nature of your complaint.
The acknowledgement letter will outline the result of the investigation if it has been completed by then. If it has not been completed, we will:-
- investigate the issue and respond within 4 weeks;
- highlight that if the investigation is not completed within 4 weeks following the initial receipt of the complaint, you will be informed of the reasons for the delay; and
- Point out that on completion of the investigation the complainant will be informed of the outcome and the options available to them will be explained, including the right to refer the matter to the Financial Services Ombudsman where appropriate.
MIMIL will, as part of its annual Compliance Monitoring Programme, review complaints received to check that procedures were followed and to attempt to identify any trends in complaints received. As part of this programme, it will also review this Complaints Procedure to ensure as much as possible that the procedure is appropriate and fit for purpose.
20th May 2020