Complaints Policy

Mitrade Global Pty Ltd Complaints Policy

Company:                    Mitrade Global Pty Ltd

Company trading as:            MITRADE

ACN:                              149 011 361

AFSL:                              398528

Date Updated:            29 October 2018

 

At MITRADE we take complaints very seriously. If you do have a complaint, we would like to hear about it straight away.

Set out below are the procedures for the handling of complaints and disputes with respect to the provision of our financial services.

 

Mitrade Global Pty Ltd’s (“MITRADE”) dispute resolution system consists of:

 

  1. Internal Dispute Resolution (IDR) procedures; and

 

  1. membership of an external dispute resolution scheme, that covers complaints made by retail clients in relation to the financial services and products provided by MITRADE.

 

A client may complain by email, letter or telephone, as set out in our Financial Services Guide.

 

When a client complains, the person to whom the complaint is directed, has 24 hours to attempt to resolve the complaint directly with the client. If the complaint cannot be resolved within 24 hours by the relevant staff it must be escalated on to Compliance.

 

Within five (5) days of being notified of the complaint, Compliance will ensure that an acknowledgement is sent to the client in writing identifying Compliance as the person who will handle the complaint and to explain the complaints handling process and any rights they have. Compliance will act as an impartial investigator and will attempt to resolve the complaint with the client within ten (10) days of the date of the initial complaint.

 

If the complaint cannot be resolved within that ten (10) day period then a more detailed letter will be written to the client explaining this fact and, if necessary, seek further information. Compliance will then have an additional twenty five (25) days to resolve the complaint.

 

Each complaint received by MITRADE is handled case-by-case, and applicable remedies will vary due to the unique circumstances of each complaint. These remedies include, however are not limited to: written or verbal explanation of issues; referring to and explaining disclosure documents and inherent risks; refunding or crediting a client account; assisting complainants in formulating or lodging complaints; and determining and implementing case-specific remedies. Complaints will be handled at no charge to the complainant, subject to statutory requirements.

 

A final Internal Dispute Resolution response letter will be sent 45 days after the initial complaint is received and it will explain the progress or outcome of MITRADE’s investigation, our position in the dispute and whatever options the client may have to further pursue the matter, i.e. pursuing the matter with MITRADE's external dispute resolution scheme.

 

The Compliance Officer ensures that a register of all Complaints is maintained. They are responsible for project managing the processing of each complaint such that an Internal Dispute Resolution letter is sent to the complainant at the latest, 45 days after the initial complaint is received.

 

The Compliance Officer at a minimum, reviews the complaints register on a quarterly basis, and documents the results and any comments or recommendations in the relevant monthly compliance report.

 

In addition, MITRADE's complaints history will be reviewed as part of the annual compliance audit monitoring program. The results of the review and any comments or recommendations will be detailed in the post compliance audit report.

 

Complaint related information that relates to individuals (or systems) is shared with the relevant departments of Mitrade. This forms part of the consideration of the individual’s and their managers' competence assessments and personal development plans.

 

All MITRADE representatives are made aware of the procedures for handling complaints. Representatives upon joining MITRADE, are given training on this policy.

 

Complaints that cannot be resolved via the internal procedure detailed above may be referred to the Financial Ombudsman Service (‘FOS’). The FOS is an external dispute resolution scheme and can deal with complaints about financial products and services. Mitrade is a member of  FOS, no.  25558.

 

From 1 November 2018, FOS will no longer be Mitrade’s external dispute resolution body and complaints should instead be referred to the Australian Financial Complaints Authority (‘AFCA’). AFCA is a new external dispute resolution (EDR) scheme to deal with complaints from consumers in the financial system. Importantly, AFCA replaces the three existing EDR schemes of the FOS, the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT) so that consumers have access to a single EDR scheme.

 

Using AFCA is free to consumers. If you would like to access the scheme, please lodge a complaint:

 

•        With the Financial Ombudsman Service Australia if lodged before 1 November 2018:

Online: www.fos.org.au

Email: info@fos.org.au

Phone: 1800 367 287

Mail: Financial Ombudsman Service Limited GPO Box 3 Melbourne VIC 3001; or

 

•        With the Australian Financial Complaints Authority if lodged on or after 1 November 2018:

Online: www.afca.org.au

Email: info@afca.org.au

Phone: 1800 931 678

Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001

 

 

Issued by the Board of Directors of Mitrade Global Pty Ltd – 29 October 2018