Complaints should be seen as opportunities to improve the consumer’s perception of Autarky Capital. The quick and effective handling of a complaint can turn a disgruntled consumer into a happy one.
OBJECTIVE
To embed Autarky Capital’s commitment to treating customers fairly throughout the product lifecycle, as set out in our TCF Policy Statement.
Consumer complaints and enquiries should be dealt with on the premise that they represent opportunities for improved consumer service in future.
To provide simple and practical guidelines for all staff in a complaint handling situation.
To provide consistent and compliant procedures for consumers and staff
To contribute positively to Autarky Capital’s business strategy, objectives and cost effectiveness.
GUIDELINES
Consumer complaints and enquiries must be dealt with in accordance with the pre-determined complaints policy and procedures.
Any complaints received that are six years from the event the customer is complaining about (or, if later, three years from when the customer knew, or could reasonably have known, they had cause to complain), Autarky Capital will reject the complaint without considering the merits. This will be explained in the Acknowledgement Letter.
WHAT IS A COMPLAINT
Autarky Capital would use the FCA regulatory definition and procedures for dealing with complaints, as far as possible, and consider this as a matter of good practice despite the fact that we are not subject to their rules. The FCA defines a complaint as: ‘Any expression of dissatisfaction, whether oral or written, and whether justified or not, from or on behalf of an eligible complainant about the firm’s provision of, or failure to provide, a financial service’. Whether or not we feel the complaint is justified, or if we feel it is vexatious, is irrelevant when it comes to how we treat the customer.
OVERVIEW
Complaints can be received in any of the following formats: letter; telephone call or by email. If the complaint is by telephone you should make notes regarding the nature of the consumer’s complaint and action agreed.
Consumers must never be asked to confirm their complaint in writing.
All complaints whether verbal or written must be investigated fully and recorded on the Complaints Log.
All standard documents referred to in this procedure are also available on the shared drive.
At every stage of the complaint process a diary note should be made.
THE INTERNAL COMPLAINT PROCESS
On receipt of a complaint:
Date stamp the complaint if received by post.
Forward the complaint to Yasin Patel, who will fully investigate the complaint ensuring that every part of the consumer’s complaint is considered.
Record the complaint in the Complaints Log, identifying whether it was a Verbal or Written complaint, the consumer’s Name, Account Number, Date of Complaint, Product Type, Borrower Type, Complaint Details and if possible what the consumer wishes to be done to rectify the situation.
If it is possible to resolve the complaint within 5 working days, Yasin Patel or an appropriate staff member will
Contact the consumer by telephone or email, unless otherwise requested by the consumer.
Confirm their understanding of their complaint.
Discuss proposed solution with consumer.
When the consumer is satisfied and agrees to the solution, write to confirm the outcome and agreed solution (which may only be an apology) and ask them to respond as soon as possible if the content of the letter is not a fair reflection of the discussion.
Set up a folder in the consumer’s name in the Complaint Letters folder on the shared drive.
Save a copy of their response to the consumer as ‘[consumer’s name] complaint response letter’ in the consumer’s named folder within the Complaint Letters folder and place a hard copy of this letter on the consumer’s file.
File a copy of the consumer’s complaint letter/note in the Complaints File.
Close complaint in the Complaints’ Log as per Section 12 of this Procedure.
If it is not possible to fully resolve the complaint immediately or to the consumer’s satisfaction, by close of business the 5th day after receipt of a complaint, Autarky Capital will:
Send a letter acknowledging receipt of the complaint to the consumer by the end of the fifth business day where possible, but definitely within 10 business days, stating it is being investigated and advising them of the date by which a full response will be prepared and sent to them (this must be within eight weeks from receipt of their complaint).
Update the Complaint Log with the date that the acknowledgement letter was sent.
Set up a folder in the consumer’s name in the Complaint Letters folder in the shared drive.
Save a copy of the acknowledgement letter as ‘[consumer’s name[ acknowledgement letter’ in the consumer’s named folder within the Complaint Letters folder and place a hard copy of this letter on the consumer’s file.
File the consumer’s complaint letter/details in the Complaints File.
If within four weeks of receipt of a complaint it has still not been possible to fully complete the investigation, Autarky Capital will:
Write to the consumer to explain in full the reasons why they are not in a position to resolve the complaint and when they will contact them further (this must be within eight weeks of receipt of the complaint).
Update the Complaints Log with the date that this holding letter was sent.
Save a copy of this letter as ‘[consumer’s name] holding letter’ in the consumer’s named folder within the Complaint Letters folder and place a hard copy of this letter on the consumer’s file.
Once they have concluded their investigations (which must be within 12 weeks of receipt of the complaint), Autarky Capital will:
Contact the consumer by letter, email or phone, whichever is appropriate, to discuss the outcome of their investigation and the proposed solution.
The response must be sent to the consumer which:
Thanks the consumer for contacting us;
Includes an apology or expression of regret if appropriate, whether the complaint is justified or not – we have an unhappy consumer;
Summarises the complaint;
Summarises the outcome of our investigation;
Acknowledges if there has been some fault on our part;
States any offer we have made to settle the complaint, or reject the complaint giving reasons for doing so;
Advises the consumer that they can request that the complaint is escalated;
Advises the consumer that they have no right to refer their complaint to an Alternative Dispute Resolution service as Autarky Capital is not a member of a scheme States that we will regard the complaint as closed if we do not receive a reply within 8 weeks.
Save a copy of the letter as ‘[consumer’s name] department response letter’ in the folder set up in the consumer’s name.
Save a copy of this letter as ‘[consumer’s name] department response letter’ in the consumer’s named folder within the Complaint Letters folder and place a hard copy of this letter on the consumer’s file.
If the consumer is satisfied with this response or fails to reply within 8 weeks there is no need to issue a final response letter.
Diarise complaint for 8 weeks and check if any contact has been received from the consumer. If nothing is received go to section 12 and enter the date of this letter as the date of the final response letter on the Complaints Database.
If the Consumer requests that the complaint is escalated (within or after 8 weeks), the Autarky Capital staff member will:
Advise the Managing Director giving full details of the complaint and copies of correspondence.
Within 8 weeks of receiving the initial complaint, the Managing Director must either:
Send a final response or
An 8 week holding letter that:
Advises the consumer that we are not in a position to issue a final response, giving reasons for the further delay and indicates when we expect to be able to issue a final response letter and
Update the complaints database with date of 8 week holding letter or final response letter.
If within this 8 week period the consumer has taken over a full week to respond to an earlier letter then the extra period of time that the consumer has taken to reply can be added to the 8 week time limit.
The final response letter must:
accept the complaint and, where appropriate, offer redress; or
offer redress without accepting the complaint; or
reject the complaint giving reasons for doing so;
advise the consumer of that they have no right to refer their complaint to an Alternative Dispute Resolution service as Autarky Capital is not a member of a scheme.
The final response letter should also set out Autarky Capital’s position clearly and should include:
an apology or expression of regret if appropriate – whether the complaint is justified or not – we have an unhappy consumer
a summary of the complaint
a summary of the outcome of the investigation
an acknowledgement if there has been some fault on our part
any offer we have made to settle the complaint
a statement advising that any offer will remain open for 30 days only
Save a copy of this letter as ‘[consumer’s name] final response letter’ or ‘[consumer’s name] 8 week holding letter’ in the consumer’s named folder within the Complaint Letters folder and place a hard copy of this letter on the consumer’s file.
When a final response has been issued close the complaint
Update the Complaints Database with the following information:
date of the final response letter;
whether the complaint was rejected or upheld;
whether procedures have been amended as a result and
any amount of any redress offered
REFERRING COMPLAINTS
If we receive a complaint that we believe does not relate to Autarky Capital but to another firm we may refer the complaint to the other firm. For example, where a consumer is complaining about the advice they were given by their broker.
In this situation, Autarky Capital will
Forward the complaint to the firm responsible within 5 business days of being aware that another firm is responsible for the complaint.
Log the complaint on the Complaints Database in accordance with the usual procedures.
Issue a final response letter to the consumer rejecting the complaint and advising the consumer that their complaint has been referred to another firm providing the other firm’s contact details.
If we receive a complaint that has been referred to us by another firm we will treat it as if the complaint was received on the day that we received the referral. It will be logged and an acknowledgement letter sent to the consumer in the normal way (see 6). A copy of this acknowledgement letter will also be sent to the firm that referred the complaint to us.
Complaints received from the Financial Ombudsman
Autarky Capital is not subject to FOS. Any complaint forwarded to us by them will be dealt with in the same way as other complaints referred to us as above.
Where FOS want us to investigate and comment to them we will advise FOS that whilst we will deal with the complaint directly with the complainant under our complaints procedure we are not subject to their jurisdiction and will not provide any further information to them.
RECORD KEEPING
Records of complaints must be kept for 6 years after the consumer’s complaint has been closed where no loan has been advanced, or 6 years from the date of redemption where a loan has been advanced unless it is undergoing litigation or we have been advised of intent to litigate at that time, in which case it will be retained until the end of the litigation process including any appeal period.
