Purpose of this Complaints Policy
In terms of the FAIS General Code of Conduct, Smartvest Financial Services must have a documented
complaints management and resolution procedure that enables the consideration of complaints after
suitable investigation and review of the information and circumstances and delivers on our commitment
and legal obligation to treat clients fairly.
This policy should be read in conjunction with our TCF policy.
A complaint is:An expression of dissatisfaction relating to a financial product sold or marketed or
financial service of Smartvest Financial Services which alleges that we have:
treated the client unfairly, or
prejudiced the client through poor administration, deliberate or negligent acts or
we have failed to comply with an agreement with the client or
any applicable law, rule or code of conduct which we are bound by or subscribe to.
We consider the following laws and codes to be applicable in this context: the FAIS Act, FAIS General
Code of Conduct and Fit & Proper Regulations, the Insurance Act and the Policyholder Protection Rules
as well as the FIA Code of Conduct.
Note that the complaint can be lodged by someone representing the client or even by someone we have
marketed to and includes an individual member of any scheme business we write.
All complaints must be handled in accordance with this policy. However, some issues are of such a nature
as to be able to be speedily resolved; thus, any complaint received and resolved to the clients’
satisfaction within five days will not be considered as necessary to report on and will be captured as a
“query” in our complaints management system.
Responsibilities:
Smartvest Financial Services has appointed Client service team as the primary person/team to
investigate and resolve any complaints.
Client service team through their position(s) as client facing has appropriate access to the necessary
records and sufficient authority to investigate and make final decisions to resolve complaints.
Additionally, they have the necessary experience, knowledge and skills in complaints handling, TCF, our
products and services and the legislative framework.
We do not remunerate the Client service team in relation to any outcome or number of complaints.
We will ensure that no cases of conflict of interest arise in the handling of complaints. Should any person
handling a complaint determine that they are in a conflicted position then an alternate person will take
over the role in that investigation. This change will be determined by Kagiso Tlouatla.
Categorisation of Complaints:
Any complaints received will be recorded in our complaints management system. We will categorise
complaints as follows in the complaints management system:
Query (i.e. a complaint that is resolved within five days),
Flawed design of the financial product or service (including fees and premiums),
Information provided,
Advice related,
Financial product or service performance,
Client service (including premium collection and lapsing),
Product accessibility, changes or switches (including investment redemptions),
Complaints handling,
Claims (including non-payments of claims),
Other.
Escalation and Review:
Should a complaint not be resolved by the initial complaints handler it will be escalated to Kagiso
Tloubatla. Similarly, should a complainant wish to escalate a complaint beyond the initial complaints
handler it will also be escalated to Kagiso Tloubatla.
When reviewing any complaint, the complaints handler will ensure they take a balanced and fair
approach to ensure the interests of all parties are addressed. Should they be unsure they will liaise with
their immediate manager who may then escalate the claim to Kagiso Tloubatla should they see fit to do
so.
Decisions
Where Smartvest Financial Services commits to any payment in regard to any complaint we will make
the payment within 7 days or within the number of days as agreed with the complainant.
Where we reject a complaint we will provide the complainant with clear and adequate reasons for the
decision as well as the options they have to take the issue further and the applicable time limits as
described in our complaints handling process below and encapsulated in our draft letters.
Records of Complaints:
Smartvest Financial Services understands the importance of accurate and reliable information regarding
complaints and will ensure that it is kept securely as part of our record keeping procedures and policy.
Our complaints management system records the following information in terms of all complaints:
Name, applicable policy number and contact details of the complainant and their representative,
Copies of all relevant evidence, correspondence and decisions,
The category of the complaint,
Status of the complaint,
Date stamps of actions including interactions with complainants.
Our complaints management system enables us to draw the following information:
Number of complaints received,
Number of complaints decided in favour of the client (in part or completely),
Number of complaints rejected,
The reasons for rejected complaints,
Number of complaints escalated by complainants,
Number of complaints referred to an Ombud,
Results of complaints referred to an Ombud,
Number of compensation payments made (i.e. where we were at fault),
Amount of compensation payments made,
Number of goodwill payments made (i.e. where we were not at fault but choose to resolve the
complaint in this manner),
Amount of goodwill payments made,
Number of complaints outstanding.
This information will be sent to Kagiso Tloubatla at the beginning of the second week of every month.
As part of our ongoing efforts to enhance our services Kagiso Tloubatla and Ayanda Majola will review
the complaints information at least every month and take any rectifying action they feel is necessary.
This information enjoys the protections of our POPIA policy.
Communication with Complainants:
Smartvest Financial Services is committed to a transparent and accessible complaints process. As such
we will:
Never charge complainants to submit complaints,
Ensure all communications are in plain language, and
Provide each complainant with a single contact point for their complaint.
To ensure we handle complaints fairly we will request the complainant provide the following information
in writing via the email address/online complaints portal:
The account number of the investment in question,
The details of the individual who initially dealt with the client (if applicable),
An explanation of the client’s complaint,
An explanation of the client’s expectation from us, and
Copies of any relevant documents at the client’s disposal.
Upon receipt of the complaint, we will act as follows:
Assign the complaint to Head of the client services team,
[Person(s)] will email acknowledgement of receipt of the complaint within two hours of the
business day that it is received and confirm their contact details and that further
correspondence will be provided within [48 hours].
[Person(s)] will request information from relevant parties [on that business day],
[Person(s)] will assess and investigate all the information provided in respect of the complaint
[on that business day],
[Person(s)] will contact the complainant to inform them of the progress and request any further
information within [48 hours] of initial formal receipt of the complaint. Should a resolution or
rejection be proposed at this point the details of the internal escalation process and relevant
Ombuds’ details and all parties’ responsibilities will be provided in this correspondence should
the complaint be with their jurisdictions (as noted above).
Should it not be possible to propose a resolution or rejection with [48 hours], the above step
shall inform the complainant of the reason for the delay and note that we will investigate further
and provide further feedback within [two weeks]. The internal escalation process will be
provided in this correspondence.
[Person(s)] will request and review any further information necessary,
Should it not be possible to propose a resolution or rejection within [two weeks] [Person(s)] will
inform the complainant of the reason for the delay, note that we will investigate further and
provide final resolution within [four weeks],
[Person(s)] will request and review any further information necessary.
[Person(s)] will propose a resolution or rejection of the complaint.
Should any complaint be rejected the correspondence will include the details of the internal
escalation process and relevant Ombuds’ details and all parties’ responsibilities.
Any further extensions to these timeframes is at the discretion of Kagiso Tloubatla. It such cases they will
liaise with the client directly.
Engagement with the Ombud:
Smartvest Financial Services is aware of the vital role the various Ombuds and Adjudicators play in
creating fair outcomes for policyholders, intermediaries and providers in the financial services industry.
As such our engagement with their offices and representatives will always be honest, professional and
transparent.
To ensure our clients have access to the Ombuds we have included the details of those relevant to our
business in our disclosure document which is provided when we first begin to engage with a client and
on our website. As noted in this document we will also provide information to complainants during the
complaints process.
Should a complainant approach the Ombud directly and not inform us of their complaint we will
entertain their complaint and follow the procedures as described in this document upon notification of
the complaint by the Ombud.
We receive regular updates via the websites of the FAIS (www.faisombud.co.za), National Financial
Ombud Scheme (www.nfosa.co.za). The cases are reviewed by [Person(s)] each month to determine if
there are any possible adjustments to our business.
