Complaints Handling Policy
1. Help Us to Put Things Right
2. Types of Complaint Handled
3. How to Make a Complaint
4. What Happens Next?
5. Complaints Handling Procedures
7. Initial Response
8. Further Acknowledgement
9. Holding Response
10. Final Response
11. Monitoring of Complaints
12. Ultimate Redress
13. Financial Ombudsman Service (FOS)
Link Foreign Exchange PLC is committed to delivering an efficient and professional service. We aim to provide prompt, courteous, helpful, open and informative advice in response to every approach made by a member of public. We are always keen to hear the views of our customers, particularly the general public, about our performance generally – what we do right and what we do wrong.
We recognise that from time to time you may have a complaint. We are especially keen to hear about such instances since they provide us with an opportunity to put things right and to learn from our mistakes. That way, we can get it right next time.
Handling complaints quickly, fairly and helpfully is a key part of our approach to service delivery. Examples of complaints about a service provided by Link FX PLC might include:
- dissatisfaction with the way in which we respond to an enquiry, or the time that we took to respond;
- a perceived injustice because of alleged maladministration on our part;
- a denial of a request for information made under the Freedom of Information Act;
- dissatisfaction with the way in which our assets are maintained; or
- dissatisfaction with the response to a request for our services to be provided in a different format.
If things need to be rectified, we will endeavour to:
- ensure that making a complaint is as easy as possible;
- treat a complaint seriously whether it is made in writing by letter, via fax, email
- or by telephone;
- deal with it promptly, politely and where appropriate, informally (for example, by
- include in our response an apology where we have got things wrong, an
- explanation of the position, or information on any actions taken; and
- learn from complaints; use them to improve our service.
You can make a complaint in writing by letter, via fax, email or by telephone. If you are emailing, please let us know if a reply by email is acceptable and, if not, please provide a telephone number or full postal address.
Complaints should normally be directed to the member of staff with whom you have been dealing. This will give them the opportunity to explain what actions have been taken and to try to sort things out with you. If you would prefer, you can ask the member of staff for the name of their line manager and direct your complaint to them.
We will use our best endeavours to:
- treat complaints thoroughly, fairly and politely, and investigate them sensitively; and
- respond promptly. Our target for replying to complaints is 15 working days from the date of receipt. If it is not possible to give you a full reply within this time – for instance because detailed investigation is required – we will give you an interim response, telling you what is being done to deal with your complaint, and when you can expect the full reply and from whom.
Our first response to your complaint should resolve your problem; however, if you are unhappy with our reply, or need further help, you can write to Link FX PLC’s Complaints Officer who will consider the issues afresh, and try to resolve them.
If, even after this stage, you remain dissatisfied with the response you may wish to contact the Financial Ombudsman Service (FOS) for further advice and guidance. This will not affect your legal rights.
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
All complaints are recorded by Link FX PLC and we provide a summary of all complaints to the Financial Services Authority. These statistics are also used internally to improve our products and services.
Link FX are pleased to operate in accordance with the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS) complaint management procedures.
We recognise that we have an obligation to Customers who are dissatisfied with our service to resolve any complaint within 8 weeks from the point of notification. If this is not possible for any reason then we will state our reasons for not being able to do so and propose an alternate completion date to the Customer. If we are unable to resolve the complaint within this timescale, or to the Customers satisfaction, or the Customer does not accept a deferred date, then such complaints may be eligible for consideration by the FSA or the FOS.
To assist the Customer, we would highlight our complaints procedure.
Upon receipt of a complaint, we will provide written acknowledgement within 5 business of receiving the complaint days (business days are Mon-Fri excluding bank holidays). The letter will contain details of our Complaints Procedure and of your right to refer the complaint to the Financial Ombudsman if you are dissatisfied with our assessment and ruling. It will also state who within Link FX PLC is dealing with the complaint and how to make contact with them (this will normally be the Complaints Officer).
We will send the complainant a letter no later than 4 weeks after the complaint was made, containing a full account of the investigation activities planned, any findings thus far and, if appropriate, any offer of redress. This letter will again advise the Customer of their rights, who is dealing with the complaint and how to make contact with that person.
In the situation whereby the complainant responds to the Initial Response then again Link FX PLC will acknowledge receipt of response with 5 business days.
If, for whatever reason, Link FX PLC is unable to conclude the investigation and provide a Final Response (see below) to the complaint then Link FX PLC will issue what is called a Holding Response. The purpose of this Holding Response is to inform the complainant of the reasons why Link FX PLC cannot provide a Final Response and to provide a further indication of what is happening with the complaint and also to provide an indication of when the complainant can expect to hear from Link FX PLC again. In the event that the complainant receives a Holding Response, Link FX PLC would invite the complainant to discuss the matter personally with the Link FX PLC Managing Director. The purpose of this step is to ensure that the complaint (and the complainant) receives the highest priority in those situations where the complaint cannot be fully resolved through normal investigatory processes
Once Link FX PLC has completed its investigation we will write to the complainant and offer a summary outcome. Where appropriate, it may also include a final offer of redress. Such letters will be marked clearly as the final response and will include details on how to contact the FOS if the complaint has not been resolved to the complainant’s satisfaction or, if the offer of redress is considered insufficient or inappropriate.
Link FX PLC will attempt to send the Final Response within 8 weeks of the initial complaint or 4 weeks after receipt of rejection of offer of redress (where applicable). This may not always be possible as sometimes the complexity of the complaint may require more time to investigate fully. We will always abide by regulatory guidelines in relation to a complaint and as such, we will always ensure that complainants are kept informed about their complaint and our activities in response to their complaint.
Link FX PLC is required by the FSA to keep detailed documentation on individual complaints. We are required to report relevant complaints to the FSA and also to our Insurer on a regular basis. Private information will not be shared with any 3rd parties and we comply with the Data Protection Act 1998.
These details will usually include as a minimum;
- The nature, date and method of communication of the complaint
- The complainant’s details
- How the complaint was dealt with (outcomes)
- Whether the complaint was upheld or refuted
- Whether the complaint was closed (addressed to complainant’s satisfaction) or whether it remains open and outstanding
- What financial redress or other significant outcome resulted from the complaint
If, after contacting all parties the complainant remains dissatisfied with the outcome of the complaint then they may seek redress through the FOS and ultimately the courts if they so wish. Details of the FOS are provided below.
In each instance, we would record upon the complaint file what advice was provided and we would reclassify the complaint to note that it has been ‘Investigated but not resolved’. Such claims have been deemed to be investigated by Link FX PLC and reported to the FSA on this basis.
The FOS is an independent and government-backed service designed to help retail consumers and small commercial businesses (annual turnover of less than £1million) who find themselves in a dispute with a financial organisation such as us.
It is a free service and it can be contacted at any point in a dispute providing the complainant has first contacted the financial organisation with whom the dispute relates to. Most cases are resolved within a 6-month period however some inevitably take longer (depending on the nature and complexity of the case).
The FOS can consider complaints about a wide range of financial matters – from insurance and mortgages to savings and investments. They are not a regulator or trade body or a consumer champion – their role is to take an objective standpoint and help settle disputes.
Consumers do not have to accept any decision made by the Financial Ombudsman and at all times the consumer has the right to seek redress in a court should they so wish. However if the Ombudsman decision is accepted by the complainant then it is binding both the firm and the complainant.
To contact the FOS, consumers should write or telephone or email their situation to:
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
Telephone No.: 0845 0801800
Email address: Complaint.firstname.lastname@example.org
More information on the FOS can be obtained by visiting www.financial-ombudsman.org.uk or by downloading the booklet entitled “Your complaint and the ombudsman” from this website.