The Complaints Policy applies to Tatton Investment Management Limited (Tatton) and must be adhered to by all staff. Senior Management are required to ensure that all staff are aware of and act in accordance with this Policy at all times.
If further guidance is required on any aspect of this policy, please contact Compliance.
Background
The Financial Conduct Authority (FCA) rules stipulate that all authorised firms must have in place and operate an effective complaint handling procedure for dealing with any expression of dissatisfaction, whether oral or written, and whether justified or not about the provision of, or failure to provide, a financial service.
Definition of a Complaint
The FCA’s definition of a complaint is:
“Any expression of dissatisfaction, whether oral or written, and whether justified or not, from or on behalf of an eligible complainant about that firm’s provision of, or failure to provide, a financial service”
It must also meet the following definitions:
- The complaint is made by or on behalf of an eligible complainant (please refer to Compliance for further details on the definition of an eligible complainant)
- The complaint relates to regulated activity. However, please note that it is Tatton’s policy to treat all complaints, whether regulated or not, according to the Complaints Policy and Procedure
- The complaint involves an allegation that the complainant has suffered, or may suffer, financial loss, material distress and/or material inconvenience; and
- The complaint has not been resolved by close of business on the day following receipt. A complaint received on any day other than a business day, or after close of business on a business day, may be treated as received on the next business day. A complaint is ‘resolved’ where the complainant has indicated acceptance of a response to their complaint.
A complaint can be received by any of the following methods:
- In person from the client
- From a third party with consent from the complainant (e.g. a Claims Management Firm)
- By post
- By telephone
- By email
Clients are not required to set out their concerns in writing if they were expressed verbally and should not be asked to do so. In instances where a complaint is expressed verbally (e.g. in person or by telephone), the employee hearing it must fully document the content of the complaint.
Where the complaint is regarding Tatton’s handling of personal data the complaint may be sent directly to the Head of Compliance as the nominated individual for data protection. Where the complainant wishes to complain about how their complaint has been handled, or appeal against any decision made following a complaint, they may lodge a further complaint to the Head of Compliance. The complaint may also be raised with the Information Commissioners office.
Explaining the Complaints Process to Clients
A copy of Tatton’s Complaints Procedure (client version) must be given to any client who requests it and to any complainant with the acknowledgement letter.
Leaflets are available from the Financial Ombudsman Service regarding complaints. A small supply of the leaflet entitled ‘Your Complaint and the Ombudsman’ is kept by Compliance and can be ordered online at https://payments.financial-ombudsman.org.uk/.
Receiving a Complaint
All complaints whether they are oral or written, must be referred immediately upon receipt to the Head of Compliance, or in their absence, to the Director of Business Services even if the complaint has already been resolved by an apology.
The Head of Compliance or the Director of Business Services- deputy – must submit a notification to Tatton’s Professional Indemnity Insurer as soon as they are made aware of the Complaint, in line with the Policy terms and conditions.
Acknowledging a Complaint
The Head of Compliance must acknowledge all complaints promptly in writing and ideally within 3 working days using the template ‘Acknowledgement Letter’ enclosing a copy of the Complaints Procedure.
In relation to all oral complaints, the acknowledgement letter must set out the Tatton’s understanding of the complaint and invite the complainant to confirm in writing the accuracy of the summary.
The acknowledgement letter must confirm that Tatton:
- Will investigate the complaint and respond fairly and promptly:
- Highlight that if the investigation is not completed fairly and promptly, the complainant will be informed of the reasons for the delay
- Point out that upon completion of the investigation the complainant will be informed of the outcome and options available; and
- That a copy of the complaints procedure for clients is enclosed with the acknowledgement letter, using Tatton’s Complaints Procedure (client version).
Investigation
The Head of Compliance (or deputy) will investigate all complaints and may, where they consider it necessary, consult any of the Tatton team who may be able to assist. The investigation will include a review of the client file and may involve contact with third parties, such as product providers, to obtain information.
If the Head of Compliance is the subject of the complaint, the Director of Business Services and Chief Executive Officer must ensure that an independent investigation is conducted.
Immediately upon completion of the investigation, subject to obtaining consent from the Offices’ Professional Indemnity Insurer, the Head of Compliance must write to the complainant notifying them of the outcome of the investigation, the nature and terms of any settlement and if they are not satisfied with the outcome that they may refer the matter to the Financial Ombudsman Service.
The letter must incorporate the name, address, telephone number and website of the Ombudsman and enclose the ‘Your Complaint and the Ombudsman’ leaflet which explains the Ombudsman arrangements.
Where Tatton receives confirmation from the complainant that they are satisfied with the findings of the investigation and any resolution, the complaint will be considered closed.
Where no confirmation has been received from the complainant within 8 weeks of the firm’s final response, the complaint will also be considered closed.
Referral to the Financial Ombudsman Service
Tatton will co-operate fully with the Ombudsman in resolving any complaints made against it and agrees to be bound by any awards made by the Ombudsman. In the first instance, complaints will be assessed by an Adjudicator. If Tatton disagrees with the Adjudicator’s decision, they may refer the case to an Ombudsman whose decision is final.
If a complaint is referred to the Ombudsman, the Head of Compliance or deputy must notify the Office’s Professional Indemnity Insurer as soon as they become aware. Consent must be obtained from the Insurer prior to any request for information from the Ombudsman being provided.
Referring a Complaint to a Third Party
If Tatton receives a complaint regarding a matter that is the responsibility of a product provider or other third party, Tatton is responsible for referring the complaint to the provider or third party.
In all such cases the Head of Compliance or deputy must refer the complaint to the provider in a durable medium, fairly and promptly within 5 working days. Tatton must also issue the client with a letter confirming the referral and giving the provider’s contact details, fairly and promptly (ideally within 3 working days).
If Tatton is jointly or partly responsible for the subject matter of the complaint, a referral must be made as outlined above, and those matters that are Tatton’s responsibility must be handled according to the Complaints Policy and Procedure.
FCA Reporting (RegData)
Tatton is required to submit details of complaints twice a year to the FCA via its RegData returns.
Record Keeping
Unless otherwise stated, Tatton must ensure that all complaint handling records are retained for a minimum period of 6 years. (An exception to this is any case involving an Occupational Pension Transfer, Pension Opt-Out/Non-Joiner advice or FSAVCs which must be held indefinitely).
All complaints received must be recorded on its Complaints Register. The Register must always be kept up to date detailing the action taken at each stage of the complaint handling process. The Complaints Register is held by the Head of Compliance.
Updated December 2022