Complaints Policy

Definitions

“Complaint”: Refers to a specific complaint relating to a financial service rendered by Investa or its Representative to the complainant on or after the commencement date of the FAIS Act. The complaint alleges that Investa or its Representative:

  • Has contravened or failed to comply with a provision of the FAIS Act, resulting in or likely to result in financial prejudice or damage to the complainant;
  • Has wilfully or negligently rendered a financial service causing or likely to cause prejudice or damage to the complainant;
  • Has treated the complainant unfairly.

“Complainant”: A specific client who submits a complaint to Investa for resolution.

“Client”: A specific person or group of persons, excluding the general public, to whom a financial service is rendered intentionally, or the successor in title or beneficiary of such service.

“Ombud”: The Ombud for Financial Services Providers.

“Internal Complaint Resolution System”: The system and procedures established and maintained by Investa in accordance with the General Code of Conduct for resolving client complaints.

“Resolution or Internal Resolution”: The process of resolving a complaint through Investa’s internal complaint resolution system and procedures.

“Rules”: The Rules on Proceedings of the Office of the Ombud for Financial Services Providers, as published in Board Notice 81 of 2003.

Purpose of a Complaints Policy

In compliance with the General Code of Conduct, Investa maintains an internal complaints resolution procedure for clients dissatisfied with a financial service rendered by Investa or its Representatives. The complaints procedure aims to achieve the following outcomes:

  • Transparency and Visibility: Ensuring complainants fully understand the procedures for submitting a complaint.
  • Accessibility of Facilities: Providing clients with an easily accessible facility to submit complaints at any Investa branch.
  • Fairness: Ensuring a fair complaint resolution process for both the complainant and Investa.

To achieve these outcomes, Investa has adopted a complaints policy demonstrating our commitment to the fair resolution of complaints.

Commitment Towards Fair Resolution of Complaints

Investa is dedicated to rendering financial services with due skill, diligence, and in the best interests of clients and the financial services industry’s integrity. Despite our high service standards, there may be instances where a client prefers to submit a formal complaint. In such cases, Investa will follow the complaints procedure outlined below, ensuring a transparent, accessible, and fair resolution process for all parties involved.

Investa undertakes to:

  • Disclose appropriate procedures for submitting complaints, making them readily available in writing.
  • Resolve client complaints through an effective, practical resolution process.
  • Train and empower staff members to facilitate and resolve complaints.
  • Address complaints in a timely and fair manner, giving each complaint due consideration.
  • Investigate and respond promptly to complaints.
  • Appoint an independent mediator if necessary to resolve the complaint.
  • Offer appropriate redress to the complainant without delay if the complaint is resolved in their favour.
  • Provide written reasons for decisions and inform complainants of their rights to escalate the complaint if not resolved in their favour.
  • Maintain records of all complaints for five years, indicating whether the complaint was resolved.
  • Investigate and take appropriate action to prevent similar circumstances that gave rise to the complaint.

Internal Complaints Resolution Procedure

Upon receiving a complaint or indication of intent to submit a formal complaint, Investa will follow this procedure:

  • Apply Investa’s Complaints Procedure as described in Annexure B and furnish the complainant with a copy.
  • If the complaint was previously communicated verbally, instruct the complainant to resubmit it in writing.
  • Inform the Compliance Manager about the complaint.
  • Record the complaint in Investa’s Complaints Register within one working day of receiving it in writing.
  • Provide written acknowledgment of receipt to the complainant within one working day.
  • The Compliance Manager will review Investa’s Professional Indemnity Cover policy wording and inform relevant insurers of the complaint and potential claim.
  • Investigate the complaint and review the file/transaction that gave rise to it.
  • Discuss preliminary findings with all internal parties concerned.
  • Revert to the complainant with preliminary findings and request supporting documents or additional information within seven working days. Provide reasons for any decisions taken and communicate any anticipated deviations from the specified timelines.
  • Refer the matter to the relevant product supplier if necessary and inform the complainant of this development.
  • In consultation with the management committee, the Compliance Manager will formulate a joint response to the complaint. An independent mediator may be appointed if necessary.
  • Revert to the complainant with a proposed solution within fourteen working days of receiving the complaint, with the option to escalate the matter to the CEO. Provide reasons for any decisions taken and communicate any anticipated deviations from the specified timelines.

Investa’s response may include:

  • Any proposed settlement deemed appropriate.
  • Suggested remedy for the complaint.
  • Dismissal of the complaint with reasons.
  • Apology (if applicable) and any disciplinary action taken against staff members involved.
  • Identified problems within Investa and how they will be resolved.

If the complaint is not resolved to the complainant’s satisfaction, inform the complainant of their right to escalate the matter to the Ombud within six weeks from the date of receipt. Update the status of the complaint in Investa’s Complaints Register and file all relevant correspondence for five years.

Annexure A: Internal Complaints Resolution Flowchart

  1. Furnish the complainant with a copy of Investa’s complaints procedure (Annexure B).
  2. Allocate the complaint to the Compliance Manager.
  3. Record the complaint in Investa’s Complaints Register when received in writing.
  4. Provide the complainant with written acknowledgment.
  5. Inform the relevant insurer (if Professional Indemnity Cover is held) of the complaint.
  6. Investigate the complaint and review the file/transaction that gave rise to it.
  7. Revert to the complainant with preliminary findings and request supporting documents/additional information within seven working days.
  8. Formulate a joint response to the complaint within fourteen working days of receipt.
  9. If the complaint is not resolved to the complainant’s satisfaction, inform them of their right to escalate the matter to the Ombud within six weeks of receipt.
  10. Update the status of the complaint in Investa’s Complaints Register and file all relevant correspondence for five years.
  11. Review the reasons for the complaint and implement remedial actions to prevent similar complaints in the future.

Annexure B: Complaints Procedure

Purpose of This Document

As an authorised Financial Services Provider, Investa has specific duties to its clients, including establishing a formal complaints resolution procedure. This document informs clients of the procedure to submit a formal complaint. Our internal complaints resolution procedure may be amended or canceled at any time.

Complaint Has to Be Relevant

In terms of the FAIS Act, a “complaint” means a specific complaint relating to a financial service rendered by Investa or a representative, where it is alleged that:

  • Investa or the representative contravened or failed to comply with the FAIS Act, resulting in or likely to result in financial prejudice or damage.
  • A financial service was rendered negligently or wilfully, causing or likely to cause prejudice or damage.
  • The complainant was treated unfairly.

We aim to address all reasonable client requests, but may refer clients to a more appropriate facility if necessary. Complaints regarding our service or required disclosures will be addressed in writing within seven days. Complaints outside our control, such as product information or investment performance, will be forwarded to the relevant product supplier. We reserve the right to recover costs or damages from clients making frivolous or unreasonable claims.

Complaint Has to Be in Writing

Submit your complaint in writing to:

Ensure proof of delivery if the complaint is delivered by hand or any other means.

Procedure

Our internal complaints resolution process provides fair and effective resolution of complaints, adhering to specified timelines as strictly as possible. The step-by-step guideline for handling complaints is as follows:

  1. All communications related to the complaint must be in writing, including verbal communications confirmed in writing within three days.
  2. Include the following information:
    • Your name, surname, and contact details.
    • A complete description of your complaint and the date of the financial service.
    • The name of the person who provided the financial advice or intermediary service.
    • Your preferred method of receiving future communications (e.g., email, fax, or post).
  3. Enter the complaint into our Complaints Register on the day it is received, and provide written confirmation of receipt. We will maintain a record of the complaint for five years.
  4. The complaint will be addressed by the senior manager in charge of the relevant department and allocated to a trained and skilled person (the Risk and Compliance Manager).
  5. Investigate the complaint and revert with preliminary findings within seven working days. Provide reasons for decisions.
  6. Discuss preliminary findings with internal parties and communicate a proposed solution within a further seven working days.
  7. If dissatisfied with the solution, refer the complaint to the CEO. The CEO may amend or confirm the solution. Certain decisions may require management committee approval.
  8. If still dissatisfied after the CEO’s response, you may refer the complaint to the Ombud for Financial Services Providers or seek legal advice. The Ombud must be approached within six months from our notice of inability to resolve the complaint.
  9. The Ombud will not adjudicate matters exceeding R800,000. Contact details for the Ombud:
    • Address: Menlyn Central Office Building, 125 Dallas Avenue, Waterkloof Glen, Pretoria, 0010
    • Tel: 012 762 5000
    • Sharecall: 086 066 3274
    • Email: [email protected]
    • Website: www.faisombud.co.za

Investa Contact Information

For queries or feedback related to this policy, contact us through the following channels:

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