COMPLAINTS RESOLUTION POLICY

INTRODUCTION

In the spirit of promoting professional and ethical conduct and to ensure a high service level to our clients, this COMPLAINTS RESOLUTION POLICY has been adopted by BVG COMMODITIES (PTY) LTD (“the Member”). Management and all staff members are obliged to abide by the provisions of this policy

WHAT CONSTITUTES A CLIENT COMPLAINT

  • contravening or failing to comply with any instruction given by the client, or any agreement or mandate entered into with the client;
  • contravening or failing to comply with the rules or directives;
  • acting dishonestly, negligently or recklessly; or
  • treating the client unreasonably or unfairly.

HOW TO LODGE A CLIENT COMPLAINT

  • Any client who feels that he/she has been prejudiced or treated unfairly by the Member or one of its staff members and who wishes to lodge a complaint against the Member must do so in writing and must provide full details accompanied by supporting documentation.

By e-mail address: compliance@bvgsvcs.net
By fax: +27 086 212 2320
By phone: +27 861 111 640 or +27 12 484 4000

  • The Member’s Compliance Officer will record the complaint and take it up with management to ensure that it is resolved (where possible) to the satisfaction of the client.
  • The Member will respond to the client within 4 (FOUR) weeks of having received the complaint and indicate the proposed resolution to the complaint.
  • Records of all complaints received are retained for a period of 5 years.

INTERNAL PROCEDURE for RESOLVING A CLIENT COMPLAINT

Once a written complaint is received it must be directed to the Member’s Compliance Officer to –

  • Record the complaint in the COMPLAINTS REGISTER at: Complaints Register and send the document to: compliance@bvgsvcs.net
  • The following details must be recorded in respect of each complaint:
    • the identity of the complainant
    • the substance of the complaint
    • all correspondence in relation to the complaint
  • Acknowledge receipt of the complaint in writing to the complainant within 4 (FOUR) weeks of receipt of the complaint, or provide the complainant with an appropriate explanation as to why the Member is not in a position to respond within the required period, and will then indicate by when the Member will respond
  • The Compliance Officer will liaise with management to investigate and consider the complaint, and advise the complainant of the outcome
  • The Member will provide appropriate compensation if the complaint is resolved in favour of the complainant
  • If redress other than compensation is offered, the Member must provide the redress as soon as practicable
  • The Compliance Officer will update the COMPLAINTS REGISTER accordingly
  • All records regarding a particular complaint must be retained for a period of 5(FIVE) years from the date of the complaint

UNRESOLVED CLIENT COMPLAINTS

A complaint will be deemed to be unresolved if the complainant is not satisfied with the resolution proposed by the Member.

  • The Member will advise the complainant that he/she may lodge the unresolved complaint with the JSE Market Regulation Division
  • The complaint must be in writing, giving full particulars, and addressed to The Director: Market Regulation

Email address: MarketRegulation@jse.co.za
Postal address: JSE Market Regulation Division
Private Bag X991174
Sandton
2146

Physical address: JSE Market Regulation Division
One Exchange Square
Gwen Lane
Sandown
2196

The complaint must be lodged with the JSE –

  • within 4 (FOUR) of receipt of the Member’s response
    within 6 (SIX) months of the conduct of the Member giving rise to the complaint (unless failure to lodge the complaint with the JSE timeously is through no fault of the client)
  • JSE Market Regulation will endeavor to facilitate a resolution of the complaint between the parties
  • If the JSE’s Market Regulation Division is unable to facilitate a resolution of your complaint within 4 (FOUR) weeks of lodgment of the complaint with them, the Director: Market Regulation will refer the unresolved complaint to the Company Secretary of the JSE to have the complaint declared a dispute, from where it will be dealt with in terms of the JSE’s dispute resolution rules (Rules 17.70 – 17.120)
  • Take note that the JSE’s dispute resolution rules only apply –
    • where the amount in dispute is in excess of R2 000
    • where the dispute is not the subject of existing litigation
    • where the amount in dispute does not exceed R500 000, alternatively – where the amount does exceed R500 000 where the consent of both the complainant and the member has been obtained
  • If certain criteria are met, the Company Secretary of the JSE will refer the declared dispute to a duly appointed Ombud for consideration.