Investec Wealth & Investment Complaints Policy

Complaints Policy

 

Investec Wealth & Investment (W&I) is a division of Investec Securities Proprietary Limited (ISL), a fully owned subsidiary of Investec Limited. W&I offers services to our online, advisory, execution-only, and wealth and portfolio management private clients.

Investec Wealth & Investment, a division of Investec Securities Proprietary Limited. 1972/008905/07. Member of the JSE Equity, Equity Derivatives, Currency Derivatives, Bond Derivatives, and Interest Rate Derivatives Markets. An authorised financial services provider No.15886. A registered credit provider registration number NCRCP262. The disclaimer is deemed to form part of this message in terms of Section 11 of the Electronic Communications and Transactions Act 25 of 2002.

  • Our commitment

    We value the support of our clients and place strong emphasis on maintaining a long term relationship that is open, transparent and based on trust. In view of this, we have established an internal complaints resolution procedure for the handling of complaints and we encourage clients to provide us with feedback.

  • What is a complaint?

    A complaint is described as an expression of dissatisfaction from a client or a prospective client, that may result in a financial loss, in relation to:

    • a product or service that W&I provides or offers as a financial institution, OR
    • relating to an agreement with W&I in respect of its products or services and indicating that:
      • W&I or its service providers have contravened or failed to comply with an agreement, a law, a rule, or a code of conduct which is binding on W&I or to which W&I subscribes in its capacity as a financial institution;
      • W&I or its service providers’ maladministration or willful or negligent action or failure to act, has caused the complainant harm, prejudice, distress or substantial inconvenience; or
      • W&I or its service providers have treated the complainant unfairly;

     

    and regardless of whether such an expression of dissatisfaction is submitted together with or in relation to a customer query.

  • What happens once you have submitted your complaint?

    On receipt of the complaint, the Compliance department will:

    • Log the complaint in the complaints’ register and send you an acknowledgement of receipt within 3 days of receiving your complaint.
    • Consider and investigate the complaint.
    • Finalise the complaint and provide you with a written response:
      • If the complaint is resolved in your favour, ensure that full and appropriate redress is offered to you promptly;
      • If the complaint is not resolved in your favour, provide you with the reasons why.
  • Finalisation of a complaint

    A complaint is deemed to be finalised when ISL has sent you its final response and

    • You have indicated, in writing, acceptance of the final response; OR
    • You have not responded within eight weeks of the final response.
  • Recording of a Complaint

    All client complaint records are retained for a period of 5 years from the date of receipt of the complaint. Records include the identity of the complainant, the substance of the complaint and all correspondence in relation to the complaint.

  • Guidelines to help you determine whether your complaint falls under FMA or FAIS regulation

    Your complaint will be dealt with in terms of the FMA requirements and the Exchanges rules if it relates to:

    • Transactions and/or the receiving of advice in relation to listed equities, listed derivatives or listed interest rate and currency securities, recorded in a segregated portfolio in your name, either discretionary (this means the investment decisions are made without your consent by the portfolio manager according to the discretionary mandate you selected), or non-discretionary (this means that you make your own investment decisions, either by trading on-line, directly or via call in, or by speaking to an adviser).
    • Transactions in other JSE authorised investments such as local or foreign collective investment schemes.
    • Cash for investment in the above.

    Your complaint will be dealt with in terms of the FAIS act if it relates to:

    • Transactions or advice on financial products which do not fall under the FMA and JSE rules (contracts for difference, endowment and living annuities, retirement funds, custody of unlisted shares, hedge funds).
    • Any portion of service or advice received as part of our wealth management services.

    Regulated Exchanges - JSE & A2X

    • We will send you a final response within four weeks of receiving your complaint.
    • If the complaint cannot be resolved within four weeks, we will inform you and provide you with a reason. We will also advise you of the status of the matter, further action required (if any) and an indication as to when you can expect the final response.
    • Should you not be satisfied with our final response, you may refer the complaint to the JSE Surveillance Department (for JSE complaints) or to the CEO of A2X (for A2X Complaints), but you must do so within 4 weeks (for JSE Complaints) and one week (for A2X complaints) of receiving our final response and within 6 months (for JSE complaints) of the incident giving rise to the complaint.
    • JSE: If the JSE Surveillance Department is unable to facilitate a resolution of the complaint within 4 weeks of lodgement of the complaint with it, the Director: Surveillance will refer the unresolved complaint to the Company Secretary of the JSE to be dealt with in terms of the dispute resolution rules.
    • A2X: If the CEO of A2X is unable to facilitate a resolution of the complaint, the complaint will be dealt with in terms of the dispute resolution rules.

     

    The Exchanges will not consider your complaint in the following circumstances:

    • If the amount claimed is less than R2 000 or greater than R500 000 (A2X R400 000).
    • If the matter is under litigation (JSE).
    • If your complaint is older than 6 months, unless you can offer a reasonable explanation as to why it has taken so long to lodge a complaint (JSE).

    FAIS

    • We will send you a final response within three weeks of receiving your complaint.
    • If the complaint cannot be resolved within three weeks, we will inform you and provide you with a reason. We will also advise you of the status of the matter, further action required (if any) and an indication as to when you can expect the final response.
    • Should you not be satisfied with our final response, you may refer the complaint to the FAIS Ombud, but you must do so within 6 months of receiving our final response.

     

    The FAIS Ombud will not consider your complaint in the following circumstances:

    • If the amount claimed is greater than R800 000.
    • If the complaint relates to an act or omission which occurred prior to the date of commencement of the FAIS Act being 15 November 2002.
    • If the matter is under litigation.
    • If the complaint was not referred to the FAIS Ombud within six months of ISL’s final written response.
  • Contact details of the JSE Director of Surveillance, A2X and the FAIS Ombud

    JSE

    The Director of Surveillance, The JSE Limited
    One Exchange Square
    Gwen Lane
    Sandown
    2196

    Private Bag X991174

    Sandton, 2146

     

    FAIS

    The Ombudsman for Financial Services Providers
    PO Box 74571
    Lynwood Ridge
    0040


    Telephone: +27 12 762 5000 / +27 12 470 9080

    Fax: +27 86 764 1422 / +27 12 348 3447

    Email: [email protected]

     

    A2X

    The CEO
    A2X Markets
    6A Sandown Valley Crescent, Sandown,
    Sandton
    2196

    P.O. Box 781763 Sandton
    Johannesburg 2196
    Gauteng 2196
    South Africa

     

    Email: [email protected]