FXBTG FINANCIAL LIMITED
INTERNAL COMPLAINTS POLICY (“ICP”)
Our Internal Complaints Process (“ICP”)
What customers can expect from FXBTG Financial Limited
FXBTG Financial Limited will:
you - the complainant - with respect and in a fair and courteous manner. This
includes ensuring that you (the client)
understands the language that is being used;
you, the complainant, with a clear understanding of the available options. This
includes how to make a complaint, the steps involved in resolving the
complaint, and the next level of recourse if the complaint cannot be resolved
a fair hearing and a clear explanation of the outcome of the complaint even if
it is not favourable to us. If your complaint is valid, a suitable resolution
will aim to place you in the position you would have been in had things not
any wrongdoing or error.
As a Financial
Service Provider (FSP) we have an internal complaints process for handling
complaints relating to the financial services we provide. We provide our ICP in
recognition that FXBTG Financial Limited is a member of the Financial Disputes Resolution
service (“FDR”) and as part of our obligations as set out by the Financial
Service Providers (Registration and Dispute Resolution) Act 2008.
As a background
overview of our obligations under the relevant legislation, FDR Scheme Members
are required to do the following:
Duties on members to have own complaints resolution
(1) A member must—
a) establish (either itself or through membership or
arrangement with another body) proper procedures for dealing with complaints
about the provision of financial services by the member; and
b) publicise to customers those procedures for making a
c) receive and consider complaints under those
d) use its best endeavours to resolve complaints under
(2) At a minimum, as part of our procedures must ensure that—
a) the receipt and nature of a complaint is documented,
the complainant receives an acknowledgement that the complaint has been
received, and the steps taken to resolve the complaint are documented; and
b) the complainant is informed, at the time of
acknowledging receipt of a complaint, that if a complaint is not resolved
through these procedures that the complainant may take the complaint, free of charge, to the FDR; and
c) the complaint, and any information provided or created
in relation to the complaint, is kept confidential to the parties except with
the consent of the complainant; and
d) the member gives written notice (with reasons) to the
I. of any decision it reaches on the complaint under
those procedures; and
II. that it has
reached the view that the parties are unlikely to resolve the complaint under
those procedures (issuing a deadlock notice); and
e) any decision or deadlock notice also states that the complainant
may take the complaint, free of charge, to FDR and the time limits.
We strongly believe
at FXBTG Financial Limited that as part
of our policy of good governance and respect for our clients we see every
complaint as an opportunity to assess our business processes and improve them
wherever possible. We believe a good complaints process will provide a way for
our clients to give us feedback on the
services we provide and serves as a
quick and efficient means of resolving any difficulties if they arise and
to promote good relations and communication
with our clients.
Because we believe
the fundamental nature of a good IPC is to resolve complaints quickly once the
facts, evidence and circumstances are established - we at FXBTG
Financial Limited – aim to
achieve this by having our IPC:
and visible to clients
part of our disclosure documentation
a dedicated person responsible for ensuring that it remains up-to-date, and
responsive to clients.
How have we based the
IPC for FXBTG FINANCIAL LIMITED
FXBTG Financial Limited has based its IPC on the following benchmarks which
we regard as providing a successful dispute resolution scheme:
Accessibility: We have a complaints process that is easy to find
use and understand.
Independence: Our designated person who will handle the complaints
process will be independent from the area of business that is being complained
Fairness: Our process will ensure all the parties’ submissions are given equal
weight and respect.
Accountability: Our IPC will identify and implement any improvements
identified via a complaint.
Efficiency: Our IPC has set timeframes regarding response times,
and resolution targets i.e. we undertake to respond to all complaints in
writing within five working days and to attempt resolution of the complaint
within 20 working days.
We believe that the
steps we have taken to develop and implement a good internal complaints process
accountability and timeframes. Our policy includes:
step-by-step explanation of how complaints can be received (written or verbal,
or both) and how they will be handled
restitution measures that can be taken
definition of when a complaint is considered to be ‘deadlocked’ – i.e. it can’t
progress any further. If it gets to this stage then the complaint will be
referred to our external dispute resolution provider ie the Financial Dispute
Resolution (FDR) scheme.
a robust system for recording complaints (see Appendix A) i.e. recording
the name of the complainant, the date the complaint was received, the
nature of the complaint and the date of the event that gave rise to the
complaint, and a record of any actions taken to address the complaint.
‘deadlock’ and start a register for complaints that have reached deadlock.
staff training in communication skills.
We also give staff the authority to resolve a dispute, where possible,
or access to more senior management if required.
handling Flow chart:
What happens if the
decision notice is not accepted by the complainant?
If we cannot resolve
the complaint internally, or a complainant is unhappy with the outcome, then
the complainant can contact the FDR to resolve the dispute. This is subject to
certain time limits – see below
Please be aware
however that before the dispute resolution scheme (FDR) will accept a
will check that it is within their jurisdiction.
that the complaint has been made to FXBTG Financial Limited and that FXBTG Financial Limited has been given an opportunity to respond.
that FXBTG Financial Limited is a member of the FDR scheme,
the timeframes of the date of the complaint, and the date of the event that
gave rise to the complaint.
that the complaint has reached ‘deadlock’.
Time Frame requirements established by FXBTG Financial Limited.
1) A complaint
will not be covered by the FDR unless—
(a) the complaint
has been lodged with us first and we have had an opportunity to respond (Appendix B); and
(b) 1 of the
following things has occurred:
(i) FXBTG Financial Limited has given the
complainant written notice of its decision (a decision notice – Appendix C)
within 20 working days; or
(ii) FXBTG Financial Limited has given the complainant written
notice that it has reached the view that the parties are unlikely to resolve
the complaint under the complaints procedures (a deadlock notice – Appendix D); or
(iii) at least 3
months has passed after the complainant first made that complaint to Invest AZ
complainant then refers the complaint to the FDR within the following
applicable time limit: -
(i) within 3
months after receiving a decision notice or deadlock notice under paragraph (b)
if that notice complies with subclause (2):
(ii) within 2
years after first making that complaint to the member in any other case.
(2) A decision
notice or deadlock notice will advise the complainant of the right to refer the
complaint to the reserve scheme, free of charge, and the time limit for doing
Once our complaints
procedure has been completed and if a
“Deadlock” notice has been issued by us -
and you the complainant - decide to progress the dispute then the
complaint will be assessed by the FDR and if
they decide that is comes within there jurisdiction a 3 level dispute
resolution process will commence.
At this stage FXBTG
Financial Limitedand you (the
complainant) will both be given the opportunity to provide all the information
and evidence supporting each others positions.
If the complaint can
not be resolved at this stage then this three level process commences:
Level 1: At this level information is gathered by all the parties and exchanged.
Quite often- even at this stage - a resolution can still be reached when
all the information is seen by both parties. However, if a resolution is
not possible then the dispute will move to Level 2 and in some cases it
can go straight to Level 3 (if the scheme adjudicator decides that
settlement is unlikely to be reached by conciliation at Level 2);
FDR will gather more information if required from both parties and if a
resolution can still not be agreed to then the FDR can recommend a
settlement. If both parties do not agree to this recommended settlement
the dispute will move to the final level – Level 3.
At this stage FDR will propose a final decision on the facts before it.
Again if both partiers cannot agree to the proposed decision – then FDR
will issue a final decision. If this final decision is accepted by the
complainant then it becomes binding on us.
If you – the complainant – do not accept the
Level 3 decision then it is possible for you to pursue the matter in the
New Zealand District Court or Disputes Tribunal.
The FDR scheme was
established by the New Zealand Government and requires any person or
organisation providing a financial service (or advice to retail customers) to
be registered with and on the Financial Service Providers Register (FSPR). One
of the requirements of being registered is mandatory membership of an external
dispute resolution scheme. In our case this is the Financial Disputes
Resolution (FDR) service.
Clients can use the
FDR to make a complaint about our services or advice they may have received.
However, complaints will not be accepted unless the complaint has been lodged
with us first and we have had an opportunity to respond as per our Internal
Complaints Procedure (ICP) as described above.
Only when we have
come to the end of our complaint process and the dispute is in “deadlock” will
the FDR become involved and start there dispute resolution procedure.
It is our goal to
achieve through our IPC fairness and accountability.
If you have any
queries in respect of our policy please contact us on our site for further