COMPLAINTS

Background

A complaint is an allegation that TriAlpha or its representatives have:

1. not complied its/their regulatory obligations and that as a result, the complainant has suffered or is likely to suffer financial prejudice or damage;
2. provided a financial service which has or which is likely to cause prejudice or damage;
3. treated the complainant unfairly;

A complaint may relate to a:

• communication failure
• administrative failure
• advice and performance-related queries

Communication failure

Occurs when clients complaint that they have not been kept up-to-date with respect to their portfolio.  This could include clients alleging that they have not received their monthly or quarterly reports, or daily data, or had no report back meetings etc.

Administrative failure

This describes a client’s unhappiness with any aspect of TriAlpha’s service.  This would include not following a client instruction properly or timeously, doing something incorrectly, not following up on a request, etc.

Advice and performance-related queries

This may arise from a fund’s performance versus its targets, or failure of TriAlpha to adhere to mandated restrictions, etc.

Note that where errors are discovered internally, these are not considered to be complaints.  However, if a complaint arises as a result of an internal discovery, it should be incorporated in the Complaints Procedure.

The complaint must be submitted in writing and should include all relevant information, and all related documentation.  Complaints should be addressed to the Compliance Officer.

Procedure

1. If a verbal client complaint is received, the staff member receiving the complaint must inform the complainant that the complaint needs to be submitted in writing, and then notify the Compliance Officer.
2. If any staff member receives a complaint about another staff member, that staff member must inform the Complainant of the procedure for lodging a complaint i.e. that it has to be submitted in writing, and then notify the Compliance Officer.
3. Once the written complaint is received, TriAlpha will provide the Complainant with a written and dated acknowledgment of receipt within 2 working days of receiving the complaint, advising the Complainant that the matter is receiving attention, and provide the Complainant with the details of the Complaint Investigator allocated to deal with the complaint.  The Complaint Investigator has to investigate and resolve the complaint within a period of 7 working days of the written complaint being received from the Complainant.
4. The Complaint Investigator will log the complaint in the company’s Complaints Register.  The Compliance Officer must receive a copy of the above complaint acknowledgement and Complaints Register to monitor the progress with resolution of the complaint.  The Compliance Officer is to table the Complaints Register at each relevant assurance Committee meeting e.g. Compliance Committee meeting, for discussion.
5. Once the investigation is complete and a course of remedial action is decided, the Complaints Investigator is to:
   • inform the Complainant in writing of the proposed action to be taken and reasons for the outcome;
   • if any payment is recommended, forward a copy of the signed off Complaints Register to the company’s Finance Department for processing;
   • monitor payment to the Complainant to ensure that it is made within a reasonable time, and
   • attach a copy of the letter in response to the Complainant to the copy of the signed off Complaints Register and retain it in the client’s file for not less than 5 years for the date of resolution of the complaint.
6. When responding to a complaint, or if a final response has not been provided within 6 months, the Complaints Investigator shall inform the Complainant that he or she may refer the complaint to the Office of the Ombud for Financial Services Providers, whose contact details are:

Customer Contact Division
Sharecall: 086 066 3274
Telephone: 012 762 5000
E-mail Address: info@faisombud.co.za

Please note that any complaint that is submitted to the Office of the Ombud via facsimile, post or the internet must be done so in writing, must contain all relevant information and copies of relevant documents must be attached.  The complaint must be submitted within 6 months of receiving TriAlpha’s response.