Complaints Policy

Topster Financial Services CC is committed to the establishment and maintenance of a Complaints Policy to comply with the Financial Advisory and Intermediary Services Act (hereinafter referred to as the FAIS Act) in the resolution of complaints.

In terms of the FAIS Act, a complaint is defined as follows:

“a specific complaint relating to a financial service rendered by a Financial Services Provider or Representative to the complainant on or after the date of commencement of this Act, and in which complaint it is alleged that the Provider or Representative: a) has contravened or failed to comply with a provision of this Act and that as a result, the complainant has suffered or is likely to suffer financial prejudice or damage; b) has wilfully or negligently rendered a financial service to the complainant which has caused prejudice or damage to the complainant, or which is likely to result in such prejudice or damage; or c) has treated the complainant unfairly.”

We confirm as follows:

• The procedures to lodge any complaints will be readily available to our clients.
• We will attend to and resolve complaints timeously and fairly.
• All relevant staff will be trained in the resolution of complaints in accordance with the relevant provisions of the FAIS Act.
• Records of all complaints will be kept for a minimum period of 5 years.
• When the outcome of a complaint is not in favor of the client, the client will be given written reasons and advised that the complaint may be pursued, within a 6-month period, with the Ombud whose contact details are provided herein.

We are committed to ensuring that instances which may give rise to complaints are avoided.

The procedure for handling complaints is as follows:

• The Complaints Dispute Facilitator will confirm receipt of your complaint.
• The Complaints Dispute Facilitator will make a full enquiry into the complaint by:
  • Calling for all necessary documentation from staff members involved.
  • Investigating your client files.
  • Interviewing staff involved.
  • Referring the complaint to the product supplier for a response, if necessary.
• The Complaints Dispute Facilitator may ask for additional information from you within 7 days of receiving the complaint. You must ensure that you provide the requested information for further processing.
• The Complaints Dispute Facilitator will provide you with a letter of response within 7 working days from receipt of the complaint or any additional information requested.
• If the complaint is of a routine nature, the Complaints Dispute Facilitator will respond in writing within 14 working days from the receipt of any requested additional information. If no additional information is requested, then a response will be submitted within 14 days of receipt of the initial complaint.

The response may address the following:

• Any proposed settlement if appropriate.
• Suggested remedy for your complaint.
• Dismissal of complaint and reasons why.
• Apology (if applicable) and any disciplinary action taken against staff involved, and the outcome of such action.
• Identified problems within the organisation and how they will be resolved.

Non-Routine Complaints:

If the complaint is of a non-routine or serious nature, the following steps will apply:

• The Complaints Dispute Facilitator will refer the matter to our Compliance Officer.
• The Compliance Officer will make a recommendation on how to proceed. They may suggest that the matter be referred to the FAIS Ombud for adjudication or seek an attorney’s opinion, with our firm bearing the cost.
• The Compliance Officer may dismiss the complaint or make follow-up recommendations for management action.
• The Complaints Dispute Facilitator, in consultation with the Managing Director and Compliance Officer, will formulate a joint response to your complaint.

This process will be facilitated as soon as reasonably possible.

Referral to the Ombud:

If you are not satisfied with our response, you may refer the matter to the National Financial Ombud (NFO) Scheme for adjudication within 6 months of our response. The NFO is appointed by the Financial Sector Conduct Authority to adjudicate disputes between clients and financial services providers. The Ombud can adjudicate claims up to R800,000.00. There are no upfront costs when lodging a claim, but cost awards may be made depending on the nature and duration of the complaint.

Ombud Contact Details:

The National Financial Ombud for Short-Term and Long-Term Insurance
Website: www.nfosa.co.za
Telephone: 0860 800 900
Email: info@nfosa.co.za

NFO Johannesburg Office:
110 Oxford Road, Houghton Estate, Johannesburg, Gauteng, 2198

NFO Cape Town Office:
Claremont Central Building, 6th Floor, 6 Vinyard Road, Claremont, Western Cape Province, 7700

Whenever a complaint is dealt with under this procedure, Topster Financial Services CC will make a record of it and take appropriate internal changes or disciplinary action where necessary. If there are pending actions or internal changes related to a complaint, we will ensure that you are advised when they are finalized.

All complaints are recorded in a complaints register and submitted to the Compliance Officer. The register contains full details of the complaint and its outcome.

The time periods in this procedure will be adhered to strictly but may be varied if necessary. Where a complaint is resolved in favor of the client, Topster Financial Services CC will ensure that full and appropriate redress is provided without delay. This complaints procedure is intended to protect our clients. We reserve the right to recover costs or damages for frivolous or unreasonable claims.