Complaint Management Policy
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INTRODUCTION
New rules of the Securities and Exchange Commission relating to the complaints management framework dated February 12, 2015 “Rules Relating to Complaints Management Framework of the Nigerian Capital Market” mandates all Capital Market Operators in Nigeria to establish a clearly defined Complaints Management Policy (the “Policy”) to handle and resolve complaints emanating from clients, shareholders and investors.
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SCOPE
The Policy shall focus on a wide spectrum of complaints with special attention to complaints from clients, (Corporate and Individual) and the Regulators. There is no such thing as a minor complaint as any complaint has the possibility of causing immense, irreparable damage to the Company. -
OBJECTIVES
The Policy aims to accomplish the following:
3.1 Development of a mechanism for prompt and effective resolution of complaints.
3.2 Creation of database of complaints which may be useful for research purposes.
3.3 Effective and proper management of complaints within Regulatory timeline.
3.4 Minimize the risk exposure of the Company.
3.5 Forestall a crystallization of risk with potential that could lead to reputational damage for the Company.
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DEFINITIONS
4.1 “Competent Authority” means recognized Capital Market trade associations.
4.2 “Regulator” means Securities & Exchange Commission.
4.3 “Complaints” means any written statement of a client (personal and/or corporate) alleging a grievance involving the conduct of business or affairs of his investments under the management of the Company. Complaints may also be against an employee, Representative, officer, director or advisor of the firm.
4.4 “RCC” means Risk Management, Control and Compliance.
4.5 “CMP” means Complaint Management Policy.
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TYPES OF COMPLAINTS
Below is an inexhaustive list of complaints that the company is exposed to:
5.1 Complaints from Clients (Individuals and Corporate)
5.2 Complaints from Capital Market Operators
5.3 Complaints from Regulators
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COMPLAINT CAN BE EXPRESSED THROUGH THE FOLLOWING MEANS:
6.1 All complaints shall be expressed in writing. Written complaints should contain the following information:
a) Name of the complainant
b) Full address
c) Telephone number
d) E-mail address6.2 Complaints may be sent to the Company via the following:
a) E-mail - Letters sent by a complaints through e-mail shall be acknowledge within two (2) working days.
b) By post.
c) In person and
d) By telephone conversation and the complaints via this means should be recorded and/or expressed in writing for record purposes.6.3 Where complaints are received by post, the Company shall ensure that a letter of acknowledgment is sent to the Complainant within five (5) working days from date of receipt of the complaint. A copy of the letter of acknowledgment of the complaint should be sent to the Regulator if the Regulator is copied in the letter of complaint.
6.4 All complaint shall be resolved within ten (10) working days from the date the complaint was received. The Competent Authority shall be notified of the resolution of the complaint within two (2) working days.
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COMPLAINT MANAGEMENT FRAMEWORK
7.1 Complaints will be registered on the Company’s register and sent to the Regulator on quarterly basis. This data shall contain the number and nature of complaints received and should be differentiated according to the types of Complaints.
7.2 The Policy should be made available to clients at general meetings and included in the account opening package.
7.3 All complaints should be addressed to the Managing Director/Chief Executive Officer of the Company who is responsible for overseeing the implementation of the Policy.
7.4 RCC shall manage all complaints and ensure its daily implementation across the Company with the support of other business units of the Company.
7.5 An effective resolution at the earliest opportunity will enhance the complainant’s view of the organisation and allow prompt improvement to practices.
7.6 Complaints shall be handled by staff of the Company who have the appropriate expertise and authority to resolve or investigate complaints and, where appropriate, provide remedies and identify improved practices.
7.7 Where business units are unable to resolve complaints, the matter should be immediately be referred to the Head of RCC for investigation and resolution.
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COMPLAINT MANAGEMENT PROCESS FLOW
Complaints should be dealt with promptly in accordance with SEC rules & regulation. The essential steps in the resolution of complaints are as follows:
8.1 Assess the Issue: In the resolution of complaints, the issue made by the complainant should be identified. . This is critical in determining the next cause of action.
8.2 Determine the most appropriate cause of action that leads to a resolution of the matter. This may include the involvement of other business units.
8.3 Investigation: The issues raised should be investigated to determine the veracity of the claims and/or issues raised by the complainant.
8.4 The outcome of the investigation should be reported to the complainant and the Regulator.
8.5 All complaints must be given the required attention and must be resolved as amicably as possible before it crystallizes.
8.6 All complaints must be resolved in accordance with the directives contained in a letter of complaint subject to relevant SEC rules.
8.7 All letters of response to complaints must either be drafted by RCC or should be forwarded to RCC for approvals before it is sent to the Regulators.
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Complaints between Capital Market Operators and complaints against relevant Competent Authority may be lodged, at first instance, with the relevant Competent Authority respectively.
9.1 All complaints lodged at first instance with relevant Competent Authority shall be resolved within twenty (20) working days.
Further to clause 9.1 above, all unresolved complaints must be forwarded to the SEC within five (5) working days.
Complaints referred by the Company to relevant Competent Authorities shall be resolved within twenty (20) working days of receipt of the complaint.
The letter of referral shall be accompanied by a summary of proceedings of events leading to the referral and copies of relevant supporting documents, within two (2) working days.
Failure to forward a summary of proceeding within the specified timeframe shall attract a sanction in line with the rules and regulations of SEC.
Where the complainant is not satisfied with the decision of the relevant Competent Authority, the matter shall be referred by the complainant to SEC within two (2) working days.
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COMPLAINT REGISTER
10.0.1 All complaints must immediately be reported to RCC and all complaints should be recorded in the Complaint Register.
10.0.2 The Complaints Register shall be updated on receipt of any complaint and reported to the SEC quarterly.
10.0.3 The Complaints Register shall contain the following:
10.3.1 Name of complaints
10.3.2 Date of complaint
10.3.3 Nature of complaint
10.3.4 Complaints details in brief
10.3.5 Remarks/ comments. -
KEY STAFF & THEIR ROLES
Managing Director/Chief Executive Officer (MD/CEO): Responsible for overseeing the proper management and implementation of the Policy.
11.1.1 The MD/CEO shall assist the RCC team in its mandates to effectively manage the Policy.
11.1.2 The MD/CEO shall lead the crusade in the full implementation of the Policy.
11.1.3 The MD/CEO shall establish adequate operational planning and financial control system.
11.1.4 The MD/CEO ensures appropriate internal control measure in place.
11.2 Compliance Officer (CO)
The CO is saddled with the following responsibilities:
11.2.1 The CO implements the execution of the CMP daily.
11.2.3 The CO reviews, investigates and monitors complaints and ensures proper and timely resolution of complaints.
11.2.4 The CO act as an interface between the Company and the Complainant; and/or the Company and the Regulators.
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CONFIDENTIALITY/NON-DISCLOSURE
Information on complaints received by the Company shall not be disclosed to third parties without appropriate authorization by RCC.
12.1 All complaints received by the Company shall be resolved by RCC and business units/staff that may be connected to the complaints. Under no circumstances should information on a complaint be disclosed to staff that is not involved in the resolution process.
12.2 Unauthorized use of information from complaints shall receive appropriate sanctions from the Executive Management of the Company.
12.3 Employees shall endeavor to keep all information from complaints confidential both during and after employment.