K. M. Dastur & Company Limited Complaints Procedures

1. Introduction

This document sets out the complaints handling procedures that KM Dastur & Company Limited (“the Company”) will follow in the event that a complaint is made. These procedures apply to “eligible complainants” as well as “non-eligible complainants.“ “eligible complainants” are private customers and small businesses with a group annual turnover of less than £1 million. However, laid down response times will not apply to “non-eligible complainants” who will not be able to refer the complaint to the FOS.

The Company is regulated by the Financial Conduct Authority (“FCA”) and under their rules is required to publish details of these procedures and supply a copy to all complainants.

All letters in response to complaints must be signed by one of the Authorised Signatories (an up to date list is held by the Compliance Team).

2. Receiving a Complaint

A complaint shall be considered as any oral or written statement by a customer or any person acting on behalf of a customer that alleges a grievance against the Company or any person associated with it, in connection with work undertaken for, or on behalf of, the complainant.

As soon as possible after a complaint has been received, a Complaint Record Form should be completed. Amongst other details it should include a note about the details of the complaint.

The complaint should be referred to the CEO.

3. Acknowledgement of a Complaint

The Company will send a written acknowledgement of a complaint within five business days of its receipt, giving the name or title of the person handling the complaint. This person should be one of the Authorised Signatories (an up to date list is held by the Compliance Team).

A copy of these procedures will be sent to the complainant with the acknowledgement.

4. Investigation of a Complaint

The person investigating the complaint will obtain as much information relating to the complaint and the customer concerned as possible. The investigator will also have authority to settle the complaint.

The investigator will conclude after the investigation whether the complainant is an “eligible complainant” and whether there are any merits to the complaint.

5. Resolution of a Complaint

Once the investigation has been completed, an attempt will be made to resolve the complaint. This may involve arranging to meet with the complainant. In any event, the Company will respond to the complainant in writing ensuring that a copy of the response and any action taken is recorded on the appropriate complaint form.

Where the Company believes that it is appropriate to offer redress, the aim will be to provide fair compensation for any acts or omissions for which the Company were responsible and comply with any offer of redress which the complainant accepts.

6. Time Limits for Dealing with a Complaint

As mentioned in 3 above, we will send a written acknowledgement of a complaint within five business days of its receipt.

Within eight weeks the customer should have been sent:

1. A final response being a written response which:

  • Accepts the complaint, and where appropriate, offers redress or remedial action; or
  • Offers redress or remedial action without accepting the complaint; or
  • Rejects the complaint and gives reasons for doing so; and which:
  • Encloses a copy of the Financial Ombudsman Service’s standard explanatory leaflet; and
  • Informs the complainant that if he remains dissatisfied with the response he may now refer the complaint to the Financial Ombudsman Service and must do so within six months;

2. A written response which:

  • Explains why the Company is not in a position to make a final response and indicates when it expects to be able to provide one;
  • Informs the complainant that he may now refer the complaint to the Financial Ombudsman Service; and
  • Encloses a copy of the Financial Ombudsman Service standard explanatory leaflet.

7. Closure of a Complaint

A complaint can be closed when one of the following has occurred:

  • A final response has been sent
  • The complainant has positively indicated acceptance of an earlier response
  • Where the complainant has failed to revert to us within eight weeks of our most recent letter.

It is expected by the FCA that almost all complaints will have been substantively been addressed within eight weeks of their receipt.

Any reportable complaint that is not resolved by the end of the business day following receipt of the complaint must be reported to the FCA. This is carried out through a report which must be made to the FCA twice a year. The report will contain the following information:

  • Total number of complaints received
  • Total number of complaints closed by the Company:
    - within four weeks or less of receipt
    - more than four weeks and up to eight weeks of receipt, and
    - more than eight weeks after receipt.
  • Total number of complaints:
    - upheld by the Company in the reporting period, and
    - outstanding at the beginning of the reporting period; and
  • The total amount of redress paid in respect of complaints during the reporting period.

8. The Financial Ombudsman Service

The Company must co-operate with the Financial Ombudsman Service in any investigation of a complaint. The Financial Ombudsman Service will decide whether to accept the case and if accepted will make a charge to the Company for taking over the complaint. Should the complaint remain unresolved after conciliation, the customer may accept an offer by the Ombudsman to act as adjudicator.

9. Record Keeping

The Company must keep a full record of each reportable complaint and the action taken to resolve the matter. These records must be kept for a minimum of three years after the date of the last response.