Podcast
Questions and Answers
What are the steps to resolve a complaint?
What are the steps to resolve a complaint?
The steps to resolve a complaint are: 1. Put it in writing, 2. Attempt to satisfy the client immediately, 3. If not resolved, go through the internal system and have the adviser and client state their case, followed by a decision by the principal, 4. Make a decision and advise the client, 5. If the complaint is justified, amend procedures, apologize in writing, and provide compensation if applicable, 6. If the client is not satisfied, advise them of external procedures, 7. If the client is still not satisfied, they may need to go to court, 8. Court or regulator action. At all times, the adviser must keep the client fully informed in writing of what is happening, particularly disclosing the likely timetable of activities.
What is the role of the Financial Ombudsman Service (FOS)?
What is the role of the Financial Ombudsman Service (FOS)?
The Financial Ombudsman Service (FOS) is an independent body that handles complaints related to investment advice to a retail client, insurance contracts, handling of a complaint by a member, and the operation of managed investment or superannuation schemes sold to retail investors. It aims to conciliate disputes between members and can move to arbitration and adjudication if necessary.
What types of complaints does the FOS handle?
What types of complaints does the FOS handle?
The FOS handles complaints related to investment advice to a retail client, insurance contracts, handling of a complaint by a member, and the operation of managed investment or superannuation schemes sold to retail investors.
What are the potential outcomes if a complaint is justified?
What are the potential outcomes if a complaint is justified?
What should the adviser do if the client is not satisfied with the decision?
What should the adviser do if the client is not satisfied with the decision?
What should the client do if they are not satisfied with the external (industry) procedures?
What should the client do if they are not satisfied with the external (industry) procedures?
What is the purpose of the internal system for resolving complaints?
What is the purpose of the internal system for resolving complaints?
What is the role of the adviser during the complaint resolution process?
What is the role of the adviser during the complaint resolution process?
What is the role of the principal in resolving complaints?
What is the role of the principal in resolving complaints?
What actions can the Financial Ombudsman Service (FOS) take?
What actions can the Financial Ombudsman Service (FOS) take?
What should the client do if they are not satisfied with the decision?
What should the client do if they are not satisfied with the decision?
What should the adviser do if the client is not satisfied with the decision?
What should the adviser do if the client is not satisfied with the decision?
What are the potential outcomes if a complaint is justified?
What are the potential outcomes if a complaint is justified?
What is the purpose of the internal system for resolving complaints?
What is the purpose of the internal system for resolving complaints?
What is the role of the principal in resolving complaints?
What is the role of the principal in resolving complaints?
What are the steps to resolve a complaint?
What are the steps to resolve a complaint?
What types of complaints does the FOS handle?
What types of complaints does the FOS handle?
What is the role of the Financial Ombudsman Service (FOS)?
What is the role of the Financial Ombudsman Service (FOS)?
What actions can the Financial Ombudsman Service (FOS) take?
What actions can the Financial Ombudsman Service (FOS) take?
What should the adviser do at all times during the complaint resolution process?
What should the adviser do at all times during the complaint resolution process?
