Complaints Procedure
1. Introduction
otala.markets Ltd endeavors and commits to always providing clients with the highest level of service. We work very hard to ensure that is the case. However, we understand that there may be occasions when clients’ expectations may not be met.
otala.markets Ltd understands the importance of complaints and hence, views complaints as an opportunity to learn lessons and to improve its services further, while making things right for the clients.
2. How to make a complaint
If you are dissatisfied with the services of otala.markets Ltd and wish to make a complaint, you can do so in multiple ways. Please let us know about your dissatisfaction by:
- Emailing to the dedicated address: complaints@otala.markets.
- Speaking to your usual otala.markets Ltd contact via telephone. Please note that as part of our commitment to quality service, telephone calls may be recorded.
- Writing to us at this address:
Atten: Andrew Jones 54 Baker Street London W1U 7BU United Kingdom.
- Complaints can be submitted free of charge.
3. Complaint handling framework
otala.markets has established and implemented Complaints policy and procedures (as summarized herein) to ensure the appropriate, fair, transparent and effective registration, management and resolutions for all complaints that are received from the “eligible complainants”, as defined in the FCA’s DISP Sourcebook (DISP 2.7.3 R).
These internal framework and procedures:
- allow complaints to be made free of charge by eligible complainants by any reasonable means;
- recognise complaints as requiring resolution;
- outline the complaint handling process, including timelines and stages;
- identify, analyze and address the root cause of the complaint; and
- record all details of the complaint and respective outcome.
otala.markets uses the information gathered from dealing with complaints that relate to MiFID business in order to meet its regulatory compliance obligations to monitor the adequacy and effectiveness of its measures and procedures to detect and minimise any risk of compliance failures.
otala.markets fully and carefully takes into account the FCA Principle 6 (Customers’ Interests), Principle 7 (Client Communications) and Principle 12 (Consumer Duty) when it identifies problems, root causes and/or compliance failures that are not necessarily related to client complaints.
4. Once a complaint is made
When a complaint is received, we will seek a resolution as quickly as possible. If we receive a complaint outside normal working hours in the UK time zone, it will be treated as if it has arrived the next business day.
When dealing with your complaint, we will ensure the following:
- Proper registration of your complaint in our records;
- Prompt acknowledgment of your complaint in writing to you, following its receipt. This will generally be within 3 business days.
- Where possible, if we can resolve the complaint within 3 business days, we will provide you with a full response within the acknowledgement letter/email.
“Business day” means any day which is not a Saturday or Sunday or a bank holiday in the UK; and the market is normally open for business.
5. Complaints that require further investigation
We aim to resolve complaints as quickly as possible. If a decision is not reached in time of the acknowledgement letter/email, or it is necessary to carry out additional investigation, we will explain why and provide you with a revised timeline in our holding letter/email to you.
We aim to send our final response letter/email at the latest, within 8 weeks after the receipt of your complaint. However, in the unlikely event that we have not completed investigating your complaint after 8 weeks after we received it, we will send you a further holding letter/email that will:
- Explain the reasons why we have not been able to reach a final decision;
- Inform you know when you can expect our final decision;
- If eligible, provide contact details for an Alternative Dispute Resolution party, such as the Financial Ombudsman Service, and explain their role and service.
6. Our final decision and response
Once we have fully investigated your complaint, we will write to you confirming our final decision on that matter and how it was reached. The final response is our written decision and response to your complaint that:
Either:
(a) accepts the complaint and, where appropriate, offers redress or remedial action; Or
(b) offers redress or remedial action without accepting the complaint; Or
(c) rejects the complaint and gives reasons for doing so;
And which:
(d) encloses a copy of the Financial Ombudsman Service standard explanatory Leaflet;
(e) provides the website address of the Financial Ombudsman Service;
(f) informs you that if you remain dissatisfied with our final response, you may refer the matter to the Financial Ombudsman Service (see below section); and
(g) indicates whether or not we consent to waive the relevant time limits in FCA DISP Sourcebook 2.8.2R or DISP 2.8.7R. (Was the complaint referred to the Financial Ombudsman Service in time?).
The Financial Ombudsman Service Leaflet means “Your complaint and the Ombudsman” document that is available by reference to the Financial Ombudsman Service website: http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm
7. Alternative Dispute Resolution
The Financial Ombudsman
Address: Exchange Tower, Harbour Exchange Square, London, E14 9SR
Website: www.financial-ombudsman.org.uk
Email: Complaint.info@financial-ombudsman.org.uk
Tel: 0800 023 4567 or 0300 123 9123
FOS is a free service that settles complaints between eligible complaint (consumers) and businesses that provide financial services.
If you wish to refer the matter to the FOS, you should do so within 6 months, after receiving our final response. The FOS has the discretion whether or not to review the matter referred to it after this deadline.
8. Complaints not relating to otala.markets Ltd
If we receive a complaint that is not about us or our services/products, we will inform you that we are not responsible for the matter.
Where reasonable and possible, we will inform you who the responsible firm is and/or will forward your complaint to that firm. Please note that you should liaise with such firm directly in relation to your complaint.
9. Confidentiality
otala.markets Ltd will handle all complaint information sensitively, responsibly and in accordance with the relevant data protection laws and regulatory requirements.