F-WISE internal dispute and complaint RESOLUTION PROCEDURE IN ACCORDANCE WITH SECTION 17 OF JSE DERIVATIVE RULES (ISSUE 22 OCTOBER 2007)
Kindly find, as set out hereinbelow, F-Wise Capital’ dispute and complaint resolution manual. Copies of this manual are available from the Principal DRO and have been circulated to all employees, and forms part of the information pack, distributed to all new employees.
For purposes of this procedure, F-Wise’s disciplinary structure is as follows:
Dispute Resolution Committee
SUBMISSION OF COMPLAINT
Any client who wishes to lodge a complaint as a result of services rendered by F-Wise, its members or any of its employees, may follow the following procedures:
- Report the complaint or alleged transgression to either Officer of the Dispute Resolution Committee. Such complaint can be remitted to said Officers telephonically or in writing, either by means of fax at fax number (011) 787 3710 or via e-mail at addresses as reflected above;
- The Dispute Resolution Committee will acknowledge receipt of the complaint within 48 hours;
- Should the client not have received an acknowledgement, clients are urged to contact either of the Dispute Resolution Officers, to ensure that the complaint has been received;
- Should the complaint relate to conduct by members of the Dispute Resolution Committee, client may escalate the complaint to JJ van Heerden, member of the Executive Committee. In such instances, client is requested to contact JJ van Heerden telephonically and inform JJ van Heerden that the complaint is brought against one or both of the Dispute Resolution Officers and arrange how the complaints may be forwarded to JJ van Heerden directly;
- Once the Dispute Resolution Committee has received a complaint, the Dispute Resolution Officers will, depending on the magnitude of the complaint levelled, either:
- conduct an investigation themselves and report its findings to the client within 7 days; or
- escalate the complaint to the Executive Committee for discussion at Board level, whereafter, the Board will take the appropriate action within 14 days
- During the investigation a copy of the complaint or allegation will be made available to the accused party and he will be requested to respond in writing, whereafter a copy of such complaint will be made available to the client for further comment, if any.
- Should the Dispute Resolution Committee feel that the complaint is capable of settlement between client and the accused party(ies) directly, the Dispute Resolution Officers may convene a “without prejudice” meeting between said parties in an attempt to resolve the dispute, within 14 days;
- The Dispute Resolution Committee may request of both parties to further complaints and answers in writing, which is to be submitted to Dispute Resolution Officers prior to date of scheduled hearing;
- If the matter can be resolved during such hearing, the matter will be tabled and recorded as settled and all parties concerned will be requested to sign an acknowledgement of the agreement reached;
- If the dispute remains unresolved, the Dispute Resolution Committee will, together with its findings, furnish a report to the Executive Committee, where the dispute or complaint will be tabled at Board level within 14 days from date of complaint.
Should a dispute at any time be referred to Board level, the Board will during its Directors’ meetings:
- Allocate a Director to:
- investigate the complaint;
- report its findings to the Board;
- suggest resolution within one week.
- The Board will as such agree on the appropriate action to be followed and instruct said Director to revert to client;
- The client will be kept informed of the process on a weekly basis by the relevant Director.
Any client who feels that neither during the referral to the Dispute Resolution Committee, or thereafter, escalated referral to Board level, that its complaint had not been adequately addressed, will inform the Dispute Resolution Committee and/or the Board of the company, that it does not believe that its complaint had been satisfactorily addressed and as such, will be entitled to refer the dispute to:
A: Surveillance Dept of the JSE :
- The board must notify the client that the complaint must be lodged with the Director: Market Regulation within 4 weeks of the receipt by the complainant of the member’s response referred to in rule 17.30 and within 6 months of the contract by the member giving rise to the complaint.
- The board must notify clients that 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.
- The complainant will refer the matter to the Surveillance Department of the JSE for facilitation, in terms of Section 17.60.
LIMITATION OF AUTHORITY
- The Dispute Resolution Committee, although authorised to assist clients in attempting to resolve disputes or complaints, is not able to bind F-Wise, its employees or members with regards to any complaint, if the complaint is:
- Of a monetary compensation, and a demand of more than R 100 000.00 (One Hundred Thousand Rand);
- Of a criminal nature;
- One of such a nature which may cause F-Wise to lose its JSE approved status;
- One which may cause the institution of a civil law suit in excess of R 100 000.00 (One Hundred Thousand Rand);
- One which may lead to the dismissal of a F-Wise employee or agent.
- The Dispute Resolution Officers will in such instances immediately escalate the dispute and the nature thereof to the Board.
- The Board will then act in accordance with Step 3, as referred to above.
Kindly further take note that should the Board decide that disciplinary action is necessitated against one of its employees, members or associate persons, the Board will advise client of the necessary disciplinary action which was taken, but client will not be entitled to participate during such disciplinary proceedings, unless the Board at its election decided that the disciplinary grievance is of such a nature that an outside or third party representative needs to chair such proceedings.
F-Wise subscribes to the principle of audi alterim partem and as such, any party submitting a complaint to the Board, must be willing to substantiate its claim or complaint, provide evidence, or further documentation should it be necessary.
RECORD KEEPING etc
- Records of all complaints must be kept for 5 years by the person duly appointed by the Principal DRO, and such records must reflect the identity of the complainant,
- The substance of the complaint,
- All correspondence relating to the complaint as well as the relevant minutes of the Dispute Resolution Committee meeting relating to said complaint,
All complaints handled by the DRC will be submitted to the EXCO on a three monthly basis, for evaluation and to ensure that no recurring or systemic problems exist, and if any, are rectified immediately.