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Complaints Process

Policy Statement

The Director, Edward Stace, will review this policy on an annual basis, or more frequently if required due to changes in regulation or changes to the firm’s business model.

Overview and Approach

At Aphex Solutions Limited, we take any complaints against our business extremely seriously. In all instances, our approach to complaint handling is to seek to resolve customer complaints promptly, in a fair, honest, open and consistent manner. The purpose of this policy document is:

What is a complaint?

A complaint is defined by the Financial Conduct Authority as:

Any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of a person about the provision of, or failure to provide, a financial service or redress determination which alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience and relates to an activity of that respondent, or of any other respondent with whom that respondent has some connection in marketing or providing financial services or products, which come under the jurisdiction of the Financial Ombudsman Service.

Aphex Solutions Limited recognise that the definition of a complaint has subjective elements. It is important to provide as much clarity as possible and ensure that our customers complaints and feedback are being dealt with by the appropriate channels. It is important that Aphex Solutions Limited can differentiate between a comment made by the customer and a genuine complaint.

As a guide, if a customer has made a statement regarding a product, service or process of Aphex Solutions Limited which they should have been aware of, or hold a different understanding or belief of, then Aphex Solutions Limited would treat that as a complaint (whether this belief is justified or not). If the customer is commenting on a feature of a product, service or process, then this would be classed as a customer comment. However, please be aware of the tone and language used when a customer is making a comment as this can elevate a comment to a complaint.

For example, if a customer commented that the rate on their agreement was a bit high, this would be treated as a comment. However, if they were under the impression that the rate was lower (whether this was the customer mistake or not) then this should be treated as a complaint and recorded and processed as such.

Who is a Complainant?

Eligible complainants are those who may escalate a complaint to the Financial Ombudsman Service (FOS). They can be a customer (or potential customer) who is either:

Aphex Solutions Limited will treat all customers as ‘eligible complainants’, including private and business customers, unless we have evidence to establish that they fall outside the definition of an eligible complainant.

For the purposes of investigation, customer satisfaction and root cause analysis, Aphex Solutions Limited will process all complaints through the standard process, whether they are eligible or not.

Receiving complaints

Complaints can be made in any format, nor limited to:

Complaint Handling Procedures

All complaint communication will be ultimately handled by The Director (Edward Stace) to review and ensure we are comfortable that it is a complaint. In addition to letters in which the customer categorically states that they are complaining, all other methods of complaint are available. They include the following issues to determine if there is a complaint:

Note that this is not an exhaustive list, and customers are able to complain about any product or service

Who can complain?

An eligible complainant is any customer, or potential customer, who expresses dissatisfaction. Complaints can also come from the following sources:

complaint resolution

We aim to resolve all complaints at the earliest possible opportunity and within the FCA requirements, keeping the customer fully informed on the progress of our investigations.

As a matter of good business practice, we aim to resolve complaints fairly, at first point of contact. If this is not possible, we will aim to resolve the complaint within three business days (Note: If a complaint is received after close of business, the following business day is acknowledged as the first day of receipt).

For a complaint to be regarded as resolved under the ‘Early Resolution Procedure’, we must be satisfied that the complainants concerns have been addressed and resolved to their satisfaction within the three business days timeframe. A summary of the complaint and agreed resolution is then sent to the customer.

A complaint is resolved where the complainant has indicated acceptance of the response, whether verbally or in writing. A written ‘summary resolution’ must be sent to the customer following a complaint resolved within three business days. This summary resolution will normally be sent to the customer via the private and confidential email address provided, unless requested otherwise.

Where it is clear that the complaint cannot be resolved within the three business days timeframe, due to the nature of the complaint requiring retrieval of archive files and call recordings, then the customer will be made aware immediately that this compliant will be subject to the 8 week timeframe to allow for a full investigation and resolution.

If we determine we will be unable to handle the complaint within three business days of receipt, we will:

If the complaint remains unresolved 8 weeks after receipt, we will write to let them know the reason for the delay, when we expect to be able to handle the complaint and inform them of their right to refer the matter to FOS and encloses a copy of the FOS explanatory leaflet., who can act as an independent arbitrator. Upon completion of the complaint, Aphex Solutions Limited will send out a detailed Final Response letter which explains our conclusion, whether we uphold or reject the complaint, sets out any redress/compensation that may be offered, and encloses a copy of the FOS explanatory leaflet.

As AFS is a sole Director business, the firm will not be using templated letters to communicate with customers. Instead, each letter will be individually written by the Director, Edward Stace. In order to ensure full consistency on assessment of each complaint, the Director will regularly review historic complaints and their outcomes. This will allow for no deviation in complaints of a similar nature which may arise.

The majority of our complaints will be about the following subjects:

root cause analysis

To ensure compliance with the DISP regulations, Aphex Solutions Limited must put in place appropriate controls and take reasonable steps to ensure that, in handling complaints, it identifies and remedies any recurring or systemic problems. For example:

All complaints are recorded on an internal reporting log. As part of this, we can record which area or process the complaint was recorded against, and where in the process the complaint occurred.

Root cause analysis can reveal weaknesses in processes or systems and controls that are currently in place. It can also enable us to provide a better service to our customers. Trends that appear because of root cause analysis will be given as feedback to the relevant departments.

In most cases, the root cause of the complaint is most likely to be with regards the lending partner, however this analysis will take place every six months in order to feedback to each lender any complaints that may have been received regarding their processes.

Signposting

Aphex Solutions Limited make the process of raising a complaint simple for its customers. We advise our customers how they can make a complaint in our Terms of Business. We also have a section within the Terms and Conditions document on our website, that tells customers of our complaints process and how they can raise a complaint. In the unlikely event that Aphex Solutions Limited are unable to resolve a complaint, we make clear how customers can escalate their complaint, either through the Financial Ombudsman Service, the Finance and Leasing Association, or the BVLRA if appropriate.

Treating customers fairly

We ensure that we are treating our customers fairly through:

Third party complaints

If Aphex Solutions Limited receive a complaint regarding a third party, it is important to ensure that there is no fault attached to Aphex Solutions Limited before passing over the complaint to the third party. If any fault lies within Aphex Solutions Limited, or the complaint is addressed to Aphex Solutions Limited and the third party, then the Aphex Solutions Limited element of the complaint will be dealt with in accordance with the usual complaint handling process.

The customer should be made aware that we have split the complaint into the different elements and that both Aphex Solutions Limited and the third party will be dealing with the complaint. Aphex Solutions Limited will let the third party know about the complaint and send them a copy of our response letter. The Aphex Solutions Limited element of the complaint will be recorded on the Aphex Solutions Limited complaints log as a complaint and will be reportable where applicable.

If there is no fault with Aphex Solutions Limited, and the complaint is directed against the third party, then we will send a third-party complaint letter to the customer, and the third party, informing them of the complaint and next steps. Aphex Solutions Limited will record this complaint against the third party on the Aphex Solutions Limited complaint log to assist with root cause analysis and third-party relationship management.

Complaints against the handling of the complaint

If a customer has a complaint directed against the individual handling the complaint, or against the Director, the complainant will be advised to escalate the complaint externally to FOS, after all attempts are made to resolve the complaint by the Director.

Escalation Structure

If a complaint relates to the conduct of an Aphex Solutions Limited representative, whether founded or otherwise, given the sole Director and employee nature of the business, this should be advised to the complainant to escalate the complaint externally to FOS, after all attempts are made to resolve the complaint by the Director.

Compensation Structure

Compensation should be considered if a complainant suffers material financial loss, material distress or material inconvenience. The key factors we will consider for compensation are:

Aphex Solutions Limited will hold bi-annual reviews of the compensation awarded in the 6 month period prior, to ensure sufficient monitoring.

Time barring rules

A complaint may be rejected without considering the merits, if it is made:

Aphex Solutions Limited will not automatically apply these rules and will consider each case on its own merits in line with the consideration of fairness.

Complaints made to the FOS/FLA/BVRLA/NACFB

Aphex Solutions Limited will co-operate fully and openly with any complaint which has been made to an external party.

If a settlement has been awarded, payment will be made promptly and in full to the customer, in line with the decision.

Vulnerable Customers

Aphex Solutions Limited are trained to assess cases of client vulnerability and determine what course of action, if any, should be taken. Should a client be identified as vulnerable within the complaints process, the file will have a complete review of the client’s circumstances.

Training

Aphex Solutions Limited will carry out regular training on;

Governance

This policy subject to line with the firms Policy Management Framework. This policy will be reviewed and updated annually (or more frequently as necessary) to ensure ongoing relevance and compliance with regulatory or legislative changes and to reflect any lessons learned from both internal and external events.

The implementation of this policy will be supported through ongoing training, the associated business standards and procedures and relevant systems and controls. The business standards will contain definitions of relevant terms found within this policy to aid with local procedural compliance. The governance framework, oversight activities and the annual training will provide assurance that the firm understands its responsibilities.