Complaints Process.

Enrich Financial provides a framework through which any expression of dissatisfaction (a complaint) against Enrich Financial (Enrich), its Financial Advisers operating under its FAP licence or our business are received, addressed and resolved.

Who does it apply to?

This policy applies to all Enrich personnel, and Financial Advisers operating under Enrich’s FAP licence, herein after also referred to as Enrich, ‘we’ and ‘our personnel’.

Exactly what is a complaint?

We define a complaint as an expression of dissatisfaction relating to the financial advice Enrich provides or Enrich’s complaints handling process, that is made, directly to Enrich, or to a person engaged by us (employees and Financial Advisers), or to a third party in the first instance and then conveyed to us.

What is Enrich Financial’s policy around complaints?

Enrich is committed to dealing with complaints in a fair, timely and transparent manner.

All complaints will be resolved without any undue delay in the best interests of the client.

We will use the complaints that we have received to identify and action any improvements to mitigate future complaints.

Receiving complaints.

Any person who is dissatisfied with the service provided by Enrich may contact us verbally or in writing (access our online complaint form here).

An acknowledgement of receipt of the complaint will be made immediately. Complaints will be handled in an efficient and effective manner. Complainants will be treated courteously and kept informed of the progress of their complaint throughout the complaint-handling process.

Principles.

Enrich has adopted the following complaints handling principals:

Fair.

Our complaints handling process must give customers confidence that their complaint will be handled fairly and has their best interests in mind.

Timely.

We will deal with the complaints in a timely manner.

Transparent.

Customers will be kept informed about the complaints process. This includes providing the customer with information regarding who deals with complaints, the steps involved in the complaints handling process and the reasoning behind the outcome of the process.

Complaint Handling.

Acknowledgement of a complaint.

Within 24 hours of receiving it, we will acknowledge in writing the receipt of the complaint and provide the required Complaint Disclosures information to the client.

In our acknowledgement, we will ensure the client fully understands our internal complaints process. We will keep a written record of completion of this step. 

To ensure fairness and transparency, we will seek acknowledgement from the complainant that they understand our internal complaints process and have information about our external dispute resolution service.

We will strive to provide the complainant a reasonable time frame for resolving the complaint.

Disclosures.

We will provide the following information no later than 2 working days following receipt of the complaint:

  • An overview of our internal complaints process.
  • A statement that the client has access to a free, independent dispute resolution service that may help to investigate or resolve the complaint if it is not resolved through our internal complaints process to the client’s satisfaction.
  • The name and contact details for our external dispute resolution scheme.

We use a standard ‘Complaint Acknowledgement’ template that we will use to send the acknowledgement of the complaint and other relevant disclosure information.

Lodge the complaint.

All complaints will be recorded in our Complaints Register either on the day that they are received or within 24 hours of receiving the complaint.

The individual to whom the complaint is made must on the same day inform the Compliance Officer of the complaint. This will include:

  • the name of the client who made the complaint;
  • the product that the complaint was about;
  • the date and time of receiving the complaint; and
  • confirmation that the complaint has been lodged in the Complaints Register.
Record and understand complaint details.

We will study and understand the details of the complaint and the client’s preferred outcome for resolution. 

We will obtain written confirmation from the client that we have understood the reason/s for their complaint and their preferred outcome to resolve it.

We will consider the client’s view when assessing how we can resolve the complaint.

Respond and resolve.

To effectively respond and resolve complaints we follow the below steps:

Assess the complaint by gathering all relevant information and evidence.

Inform the client throughout our investigation process. 

Ensure that our proposed resolution is fair and transparent and reflects our duties under Code Standards 1 and 2.

Aim to resolve a complaint within 7 working days at the most. If we are unable to meet time frames we have given our client, we will tell them at the earliest opportunity and give the reason for the delay.

Our response will be written clearly.

It will include the following information:

  • Our understanding of the complaint.
  • Our decision.
  • The evidence gathered during our investigation.
  • How we came to our decision.
  • The remedies offered (if applicable).
  • The next steps that our client can follow if they are not satisfied with our decision.

If the response is the final response on the complaint (i.e. a deadlock letter) we will inform the client that they can escalate their complaint to our external dispute resolution scheme and provide the contact details for the scheme.

Record keeping.

We will keep a record in our Complaints Register of:

  • all complaints we receive; 
  • the documents and records pertaining to the steps we have followed upon receipt of the complaint;
  • communication with the client after receiving the complaint;
  • details of the complaint’s resolution;
  • acceptance by the client of the way we have resolved the complaint; and
  • communication with the client providing them details of our disputes resolution scheme.

Records will include but are not limited to:

  • any diary notes;
  • file notes of conversations;
  • call recordings (if applicable); and
  • email trails.

Records must be kept for 7 years from the date the complaint was resolved.

Addressing issues.

Upon the complaint’s resolution, the Compliance Officer will discuss the complaint with the concerned individual and decide whether Enrich must take any action to prevent the issues raised in the complaint from recurring.

Trends.

The Compliance Officer will maintain our Complaints Register. This register will help Enrich to identify any trends in complaint. It will also help Enrich to put in place measures to amend conduct or actions that generate complaints.

Reporting to Enrich’s management

The Compliance Officer will prepare a report to the board for every Enrich management meeting on:

  • the complaints received.
  • how they were resolved.
  • any trends observed with regards to the complaint; and
  • steps that might be taken or need to be taken to prevent the complaints from recurring.
Controls.

The following key controls apply:

Key ControlImplementationResponsibility
Complaints RegisterAll staff must inform the Compliance Officer when a complaint is received. The Compliance Officer will enter the complaint’s details into the Complaints Register.Compliance Officer
Management/Board reportThe Compliance Officer will report to the Board as per this policy.Compliance Officer
Review.

This policy and supporting procedures will be reviewed at least annually or whenever a significant change or event necessitates.

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