BACKGROUND
Regulatory Complaints
As a licensee, pursuant to the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “Law”), the Board has a collective responsibility to safeguard against the type of activity that might open it up to complaints. Complaints may have serious repercussions upon the reputation of the business or, in severe circumstances, on the reputation of the Bailiwick of Guernsey as a reputable destination for finance business. Accordingly it is critical that, where a complaint is received, it is handled without delay and by persons senior enough to oversee their effective resolution and to put effective mitigation in place to prevent recurrence.
The principal rules for the handling of complaints are set out in the Licensees (Conduct of Business) Rules and Guidance, 2021, (the “COB Rules”).
The Guernsey Financial Services Commission ("GFSC") sets out requirements for the Company to inform them of significant complaints and of complaints outstanding for longer than three months. It is therefore imperative that staff i) Recognise a complaint upon receipt (or seek clarity from a Director or the Compliance Officer if in doubt); and ii) Pass on all relevant details of the complaint to the Managing Director and the Compliance Officer, in the first instance, for handling, using the procedures set out here.
Channel Islands Financial Ombudsman Complaints
In addition, the Channel Islands Financial Ombudsman (“CIFO”) was established in recent years to provide an avenue for certain forms of complaint. Whilst much of the Company’s business falls outside the scope of complaints CIFO may hear, the Company must be cognisant of the rights of its customers to complain to CIFO and must have an effective complaints handling process in place. More information on CIFO can be found at https://www.ci-fo.org/.
REGULATORY COMPLAINTS POLICY
Defined Terms
“complaint” means any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of or failure to provide a financial service which alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience;
“significant complaint” means a complaint alleging a breach of the Law, mala fides, malpractice or impropriety, or repetition or recurrence of a matter previously complained of (whether significant or otherwise);
Background
Dominion Capital Strategies Limited (DCSL) takes all complaints seriously, even if they do not strictly fall within the definitions in the COB Rules, and upholds the complainant’s right to submit complaints.
A complaint is defined as a ‘significant complaint’ if either it relates to an alleged a breach of the POI Law, mala fides, malpractice or impropriety or to the repetition of a matter previously complained about. Those with grounds to make a complaint shall be able to do so through the following means:
In writing and mailed to the registered office of address of the Company – Dominion Capital Strategies Corporate Administration (Zeta FS). Third Floor, La Plaiderie Chambers, La Plaiderie. St Peter Port, Guernsey,GY1 1WG – marked for the attention of the “Managing Director”. In which event, the complaint shall be deemed to have been received 3 business days following the date included in the complaint itself or, if none is noted, the relevant postmark;
By email addressed to compliance@dominion-cs.com, marked for the attention of the “Managing Director”; alternatively, an email may be submitted to any appropriate contact details held by the complainant, such as an Independent Financial Advisor, Director, Compliance Officer or Client Relationship contact. In which event, the complaint shall be deemed to have been received immediately (subject to the complainant being able to evidence confirmation of sending in the event of non-receipt or disagreement); OR
By telephone to any of the above appropriate contacts at +44 7830 344200, however, please note, that upon receipt of a verbal complaint, either a written or email complaint should be submitted or DCSL will compile a file note of the complaint and submit it for the complainant’s agreement within 24 hours of receipt of the verbal complaint as to the terms and scope of the complaint only. In which event the complaint shall be deemed to have been received on the day the complainant submits a written note in accordance with i or ii above or the date the complainant signifies agreement to the file note prepared by DCSL.
Complaints Register
All complaints, however trivial, must be referred to the Managing Director (or other Director in their absence) without delay and, at the same time, to the Compliance Officer (each a ‘Senior Officer’), who will ensure that the complaint is logged on the relevant Complaints Register on the day notified. Note that if the complaint is about DCSL it will be logged on the DCSL Complaints Register. The relevant Complaints Register is tabled for comment at all routine quarterly meetings of DCSL.
Acknowledging a complaint
It is Company policy that all complaints shall be handled by a Senior Officer.
DCSL will write to or email the person complaining (the complainant) as soon as possible and within a maximum of three working days acknowledging receipt of the complaint. This letter will make clear who will be dealing with the complaint (the ‘respondent’) and will set out a summary of DCSL’s policy for the handling of complaints, broadly as follows:
How to escalate a complaint in the event of dissatisfaction of its handling by the Senior Officer nominated;
The timelines during which we anticipate providing a final resolution or, if none can be reached, a final letter regarding the complaint and the process for complainant’s to agree or disagree to any proposed resolution;
The circumstances in which we will share a copy of the complaint with the Guernsey Financial Services Commission;
if unresolved after three months to the Guernsey Financial Services Commission (the ‘Commission’). A complaint will be regarded as resolved if:
We have sent you a written response or a final response letter; and
You have not notified us that you disagree with our response.
If a complaint is deemed to be a ‘significant complaint’ (as defined in the Licensees Conduct of Business Rules and Guidance, 2021) or relates to a series of complaints regarding one employee, then we are in any case obliged to report the complaint within fourteen days to the Commission.
We will also draw your attention to any other rights you may have (such as informing the Commission directly about your complaint).
Following up on the complaint
The Senior Officer will review the complaint, making all relevant enquiries; this may also include a need to contact the complainant to gain a better understanding of the circumstances of the complaint and to obtain further details.
If the complainant is a DCSL account holder, the Senior Officer will interview the complainant’s independent financial advisor using a standard complaint questionnaire.
DCSL will attempt to resolve any complaint as soon as possible, but the time taken will depend on the complexity of the issue and the extent of investigation required.
The target is to send a written response within five working days of receipt of the complaint with our comments and conclusions or, if this is not possible, to inform the complainant within this timeframe, indicating a likely revised target date. A written response will be deemed to be DCSL’s final response letter (see below) unless the complainant expresses their disagreement with the written response.
Disagreements over our response
If at any time the complainant is not satisfied with the speed of response or the conclusions reached they should contact a Senior Officer who did not originally deal with the complaint in writing (their details will be provided in the acknowledgement communication).
If having considered the matter further no agreement can be reached on our conclusions then DCSL will send a ‘final response letter’, detailing our position with regard to the complaint. In all cases a final response letter must be provided within two months of notification of the complaint.
Updating the Complaints Register
Each stage of the handling of the complaint will be logged in the relevant Complaints Register. Where a written response or a final response letter has been dispatched, the complaint will be regarded as resolved either when DCSL is so advised by the complainant or after four weeks (whichever is the earlier), unless the complainant advises DCSL to the contrary.
GFSC Reporting
We are obliged to report to the GFSC (the "Commission"):
any complaint which is not resolved after three months; and
any significant complaint within fourteen days of receipt.
In both cases we must also at the same time inform the complainant of their right to inform the Commission directly.
We are also obliged to report within fourteen days any series of complaints regarding any one employee, whether a current employee or not.
All reporting to the Commission will be completed by the Compliance Officer, keeping in copy the Managing Director (or other Director in their absence).
CIFO COMPLAINTS
Complaints to the Ombudsman
A Complainant also retains the right to submit a complaint to the Channel Islands Financial Ombudsman through the steps established at the following link; https://www.ci-fo.org/for-consumers/submit-a-complaint/
If a complainant is, or appears to be, eligible to take advantage of the Ombudsman’s assistance then DCSL will inform him of this in the final response letter, indicating the complainant’s rights under the Ombudsman legislation and giving appropriate details pursuant to S. 11(7) of The Financial Services Ombudsman (Bailiwick of Guernsey) Law, 2014.