Complaints Procedure

1. Introduction

The FAIS General Code of Conduct contained in FAIS General Notice 706 of 2020 (amendment to the FAIS General code of Conduct), requires all authorised Financial Services Providers (“FSPs”) to establish, maintain and operate an adequate and effective complaints management framework to ensure the effective resolution of complaints and the fair treatment of complainants.

The Board of Directors and Key Individuals are responsible for effective complaints management and must approve and oversee the effectiveness of the implementation of the complaints management framework.

This procedure should not be construed as to include normal queries and the like, but relates to an expression of dissatisfaction with Dynasty, the FSP. In the normal course, complaints should be dealt with by the relevant advisor and resolved to the best of those person’s abilities. Only thereafter will complaints in terms of the Act be addressed. Complaints must be:

  • Specific
  • Related to financial services rendered to clients; and
  • On or after 30 September 2004.

In terms of the FAIS General Code of Conduct, the definition of a “complainant” means a person who submits a complaint and includes a –

  • Client
  • Person nominated as the person in respect of whom a product supplier should meet financial product benefits, or that person’s successor in title
  • Person whose life is insured under a financial product that is an insurance policy
  • Person that pays an investment amount or premium in respect of a financial product
  • Member (e.g., member of a retirement fund)
  • Person whose dissatisfaction relates to the approach, solicitation, marketing or advertising material or an advertisement in respect of a financial product, financial service or related service of the provider, who has a direct interest in the agreement, financial product or financial service to which the complaint relates, or a person acting on behalf of the complainant

Dynasty will take a pragmatic approach and will deal with complaints as follows:

The complaint must be in writing and the complainant must allege that Dynasty:

  • Contravened or failed to comply with the provisions of FAIS and as a result, the complainant has suffered or is likely to suffer financial damage.
  • Wilfully and/or negligently rendered a financial service, which has caused or is likely to cause prejudice or damage; and/or
  • Treated the complainant unfairly.

2. Categorisation of Complaints

Dynasty will categorise reportable complaints in the following categories –

  • The design of a financial product, financial service, or related service. This will include the fees, premiums or other charges related to that financial product or financial service.
  • The information provided to clients.
  • The advice provided.
  • The performance of financial product or service.
  • The complaints relating to investment contribution collection, premium or lapsing of a financial product, including service to clients.
  • The financial product accessibility, changes or switches, including complaints relating to redemptions of investments.
  • The handling of complaints.
    Any other complaints

Dynasty will categorise, record and report on reportable complaints by identifying the category to which a complaint most closely relates and group complaints accordingly.

3. Communications with Complainants

  • The complaints processes and procedures must be transparent, visible, and accessible through channels that are appropriate to Dynasty’s clients. The procedure can be accessed from the following website https://dynasty.co.za/treating-customers-fairly-policy, or the complainant can request a hardcopy from one of the directors of Dynasty.
  • No charges may be imposed on the complainant, for laying a complaint.
  • All communication must be in plain language.
  • A single point of contact for the submission of complaints to Dynasty, as the provider, must be furnished.
  • Written acknowledgement of Dynasty’s receipt of complaint will be sent to the complainant within five (5) working days.
  • The complainant must provide the following information, in writing, to Dynasty to ensure that Dynasty has the correct details and that the procedure is managed efficiently and effectively:
    • Full names and reference numbers
    • E–mail, postal address and contact telephone and/or cell numbers.
    • All relevant complaint details including the basis and reason for the complaint, with all relevant details, dates, etc.
  • Upon acknowledgement of receipt of the complaint, within five (5) business days. Dynasty will promptly inform the complainant of the process to be followed, including
    • Contact details of the person who will be handling the complaint.
    • Indicative and, where applicable, prescribed timelines for addressing the complaint.
    • Details of the internal complaints’ escalation and review process if the complainant is not satisfied with the outcome of the complaint.
    • The complaint is firstly escalated to a Director, and thereafter to the Board; and
      Details of escalation of complaints to the office of the relevant Ombud as well as any applicable timelines.
    • Details of the duties of Dynasty as the provider, and rights of the complainant as set out in the rules applicable to the relevant Ombud.
  • The complainant will be kept adequately informed of:
    • The progress of the complaint; or
    • Causes of any delay in the finalization of the complaint and revised timelines.

Dynasty undertakes to evaluate all written complaints equitably and will respond to a complaint as soon as we have completed our investigation.

All written complaints received will be reviewed and dealt with in a professional and proficient way.

Dynasty will endeavour to respond to your complaint in writing within twenty (20) working days from date of receipt of your complaint.

A full record of each complaint received, and all subsequent correspondence will be kept on record by Dynasty for such periods as prescribed by the relevant legislation.

4. Decisions Relating to Complaints

  • The complainant will be informed of the outcome, in writing, within a reasonable time from which the finding is made.
  • If a complaint is upheld, any commitment by Dynasty to make a compensation payment, goodwill payment, or to take any other action, will be carried out without undue delay and within agreed timeframes with the complainant.
  • If the complaint is rejected, the complainant will be provided with clear and adequate reasons for the decision and must be informed of any applicable escalation or review processes, including how to use them and any relevant time limits.

Should a client/complainant still feel that a complaint remains unsatisfied, the matter may be referred to the relevant Ombud or Adjudicator as set out hereunder:

5. Ombud or Adjudicator Details

FAIS OMBUD DETAILS & COMPLAINTS (Ombudsman for advice/intermediary services or product related complaints):

Physical Address: Kasteel Park Office Park, Orange Building, 2nd Floor, c/o Nossob & Jochemus Street, Erasmus Kloof, Pretoria, 0048
Postal Address: PO Box 74571, Lynwood Ridge, 0040
Telephone: (012) 470 9080 / (012) 762 5000
Fax: (012) 348 3447
Email: info@faisombud.co.za
www.faisombud.co.za

  • After a complaint is dismissed by an FSP, or failing resolution, the complainant will receive a written explanation with reasons why the complaint has been dismissed.
  • After the FSP’s dismissal of the complaint and should the complainant remain aggrieved, complainant may, within six (6) months from date of dismissal, refer the complaint to the FAIS Ombud for adjudication in the prescribed format.
  • Please note that the FAIS Ombud has a monetary jurisdictional limit of R800 000.00. No claim that exceeds R 800 000.00 will be considered unless:
    • The complainant abandons the amount that exceeds R 800 000.00 to bring the claim within the jurisdictional limit of the FAIS Ombud; or
    • There is consent between the parties to the FAIS Ombud entertaining the complaint.

Also, please note that should a complainant institute proceeding in a court of law, the FAIS Ombud will not investigate the complaint.

PENSION FUNDS ADJUDICATOR DETAILS (Adjudicator for complaints related to Pension Funds):
Physical Address: 4th Floor, Riverwalk Office Park, Block A, 41 41 Matroosberg Road, Ashlea Gardens, Pretoria, 0181
Postal Address: PO Box 651826, Benmore, 2010
Telephone: (012) 748 4000 / (012) 346 1738
Fax: (086) 693 7472
Email: enquiries@pfa.org.za
www.pfa.org.za

LONG–TERM LIFE OMBUD DETAILS (Ombudsman for Long-Term Insurance product related complaints):
Physical Address: 3rd Floor, Sanclare Building, 21 Dreyer Street, Claremont, Cape Town, 7700
Postal Address: Private Bag X45, Claremont,7735
Telephone: (021) 657 5000 / 0860 103 236
Fax: (021) 674 0951
Email: info@ombud.co.za
www.ombud.co.za