Adviser feedback 17/08 – Do you have a complaints handling system in place?

No I don’t have a complaints handing system in my business and I do need to do something about putting one in place.

I think it's a great idea, something that we haven't done but are in the process of developing.

We have been around for 16 years and have never had a complaint or anything that has looked like a complaint. Nothing that has ever felt urgent.

But being prepared for a possible event is important.

In a small business it is easier to see everything that goes on in front and around you, while for bigger businesses that would be a lot more difficult.

Leonie HenryPrincipal of business and licensee

Henry & Co.

I am aware that Garrisons does have a complaints handling process.

I have never had to use this process myself, as I look on my clients as friends.

I have a small client base.

Personally if you have a good rapport with clients you know and understand your needs then there is no real need for any complaints to cross your desk.

As I find many of my clients are people who regard me as a friend, I usually explain everything in full so there are no misunderstandings or complaints. It just makes for good business practise.

Alan Norval, CFP

Garrisons

We have a system in place where we try to resolve any complaints at an adviser level. As a younger planner the next level of resolution involves passing that on to a more experienced planner or the principal in the office.

If need be we have the procedures in place to take the issue to our dealer group and then onto the industry complaints resolutions groups.

We have used the process but it has always been dealt with internally since most of the issues have been simple such as incorrect details or missing paperwork.

However it is more usually a case of people making us aware of things they don't fully agree with or issue they have concerns about than making a complaint.

Luke Jarzynski

Client adviser

Westcorp Financial Planners

Since we are a small scale business but with high net worth clients we made a policy decision that complaints should be dealt with by myself.

If any problems that can't be fixed personally we will delegate that out or go through to the Financial Industry Complaints Service (FICS). If the complainant is very aggressive we would then take that to court.

We have not had to explore the wonders of those systems but they have worked well in the past.

At present we have a pristine record and have been able to settle any complaints without litigation or going to the resolution service but as business gets bigger the sheer scale means this may become inevitable.

As such professionalism in the complaints system is important and it is a step forward for the industry for that to happen as is the creation and use of the professional resolution schemes.

<I>Tony Fenning

Chief Executive Officer

Tynan Mackenzie