Complaints Handling Policy
Responsibility for this Policy
This Policy has been approved by the Board as to how complaints received from retail persons are resolved in accordance with the prevailing legal and regulatory requirements. It extends to complaints against persons or entities that are appointed to provide financial services under the Australian Financial Services License held by the company.
What is a complaint?
A complaint is an expression of dissatisfaction made to or about our company and its representatives, related to its services or staff, or the handling of a complaint, where a response or resolution is explicitly or implicitly expected or legally required.
This Policy applies to complaints received from retail persons and small businesses.
Included are posts on a social media channel or account owned or controlled by BMYG Capital Pty Ltd (BMYG) that meet the definition of a ‘complaint’ above, where the author is both identifiable and contactable.
Also included are complaints about a matter that is the subject of an existing remediation program or about the remediation program itself (eg. delays, lack of communication).
- Employment-related complaints raised by the Licensee’s staff; and
- Comments made about BMYG where a response is not expected, such as:
- Feedback provided in surveys; or
- Reports intended solely to bring a matter to the BMYG’s attention.
Collection of information
All complaints will be recorded in the Complaints Register by the Complaints Officer with sufficient information that will allow anyone examining the record to understand the inquiry or complaint and the steps taken to address it.
Confidentiality of information received
The Board has appointed a Complaints Officer. The Complaints Officer will be able to call on other resources from time to time to facilitate the assessment and respond to complaints received.
The Complaints Officer is responsible for:
- Implementation of this Policy.
- Training employees about this Policy.
- Monitoring and updating the Complaints Register
- Reporting to Board as to complaints received and their outcome.
Reporting to the Board
The Complaints Officer will provide regular reporting to the Board as to complaints received and the outcome of those complaints.
What happens if you want to make a complaint?
If you have a complaint about any of the financial services provided to you by your wealth manager, you should first contact your wealth manager who provided the service to you.
If the complaint is not satisfactorily resolved by your wealth manager within five (5) business days of making the complaint, you should contact us at the following address:
BMYG Capital Pty Ltd
Level 5, Tenancy D, 990 Whitehorse Road, Box Hill VIC 3128
Telephone: 1300 22 6666
When your complaint is received by us it will be entered into our complaints database. All details of the complaint will be sent to our Complaints Officer who will investigate the circumstances of the complaint.
If your complaint cannot be resolved by us to your satisfaction or within 30 days, you can lodge a complaint with the Australian Financial Complaints Authority, or AFCA.
Australian Financial Complaints Authority Limited
GPO Box 3
Melbourne, VIC 3001
Tollfree: 1800 931 678
You can also make a complaint to the Australian Securities and Investments Commission (ASIC) at any time by contacting their information line on 1300 300 630.
Internal Complaints Procedure
Receiving a complaint
A complaint may be made by telephone, email, letter, social media, in person or online.
Complaints must be addressed in accordance with their degree of urgency but in any event, BMYG will ensure that any Clients with issues that cannot be dealt with at the time of initial contact, receive an acknowledgement within one business day. The urgency of a matter is to be determined by the Complaints Officer examining all the surrounding circumstances and the potential implications that may arise from the complaint.
All written complaints are to be forwarded to the Complaints Officer.
The Complaints Officer will review the content of the complaint and contact the complainant if further information is required.
If a written complaint does not state:
- the exact nature of the dissatisfaction with the product or service; and/or
- any financial loss incurred,
the Complaints Officer should follow this up so that information is recorded in the Complaints Register.
Complaints should be directed to:
The Complaints Officer
BMYG Capital Pty Ltd
Tenancy D Level 5, 990 Whitehorse Road, Box Hill VIC 3128
A complaint may be made to us by telephone, email, letter, social media, in person or online. Ideally a complaint in writing will enable us to better understand the issue a person is aggrieved about. However, where the complaint is not in writing, we will ask you to provide us with background material to enable us to better understand your complaint. This information we will collect will be must be recorded in writing as a file note and include the following:
- Your name
- Contact details
- Details of the complaint and the outcome you are seeking.
Before ceasing our conversation, will re-confirm all pertinent details and make a file note of our conversation.
Should we resolve the matter with you we will record that outcome in our file note. Our file note of conversation will be forwarded to the Complaints Officer.
Social media sources
Posts on a social media channel or an account owned by or controlled by companies in the BMYG group that meet the definition of a complaint, where the author is both identifiable and contactable will also be investigated by the Complaints Officer in accordance with the process below.
Process to deal with a complaint
The following outlines the steps we take when we receive a complaint:
- All complaints received are provided to the Complaints Officer, regardless of the source or if the matter was resolved with you at the time.
- The Complaints Officer will contact the complainant by telephone or in writing to inform the complainant that your complaint is being assessed. If there is any outstanding information, this will be requested.
- Where we have your contact details and your concerns have not been resolved, we will send to you an acknowledgement letter or email within 5 (five) business day following receipt of the complaint. In that correspondence we may request additional information to assist us in considering your complaint. Alternatively, we may telephone you for that purpose.
- The Complaints officer will have responsibility for investigating the complaint. In this this it may be forwarded to other persons within the company. Should the Complaints Officer elect to do this the Officer retains responsibility for ensuring the complaint is handled efficiently to respond with legislative timing obligations by which we respond to your complaint.
- We will endeavour to resolve complaints we receive within five business day of the complaint being received. This could be either by:
– Resolving the matter to your satisfaction, or
– To provide you with an explanation and / or apology when we can take no further action to reasonable address your complaint.
The Complaints Officer will send a letter of response back to you and update the Complaints Register as to the outcome.
- If the resolution of the complaint is likely to be protracted, we will contact when this is identified. You will be informed that investigations are continuing and may take a few weeks to resolve.
- Once a matter is resolved to your satisfaction, you will be contacted and informed of the outcome Where a matter remains unresolved from 30 days of receipt of the complaint, you will be contacted and informed by the 30th day of that the complaint is unresolved. The information the complainant is to be informed of is discussed below.
Should we require further time to consider your complaint
Should we considered that a complaint will not be finalised within a 30 day of its receipt, a letter signed by the Complaints Officer will be sent to you. We will:
1. inform you of the reason for the delay;
2. advise you of your right to complain to the Australian Financial Complaints Authority Limited (AFCA); and
3. providing you with information as to how to contact AFCA.
One reason for such a letter is that although we have attempted to contact you, you have been able to provide us with sufficient information to enable assessment of the complaint.
ACFA is an independent body, that provides a free service for you to raise your complaint with them that they will assess once the obligation for us to assess the complaint has lapsed.
What happens if we reject or partially reject a complaint
If the case of complaints from a retail client or small business client, where either the complaint has been rejected or partially rejected, reasons will be provided in the letter to you. In the letter we will:
- Identify and address the issues raised in the complaint;
- set out the financial firm’s findings on material questions of fact and referring to the information that supports those findings;
- provide enough detail for you to understand the basis of the decision and to be fully informed when deciding whether to escalate the matter to Australian Financial Complaints Authority Limited (AFCA);
- we will include the contact details of the AFCA along with information on how to progress the matter with the AFCA.
Charge for using our Complaints arrangements
There is no charge to you to access our Complaints Handling process.