At Professional Forex Services Pty Ltd trading as PRFX we take complaints very seriously. If you have any complaint in relation to the services provided by us to you, please inform us immediately.
Set out below are the procedures for the handling of complaints and disputes with respect to the provision of financial services by PRFX.
(a) Internal Dispute Resolution (IDR) procedures that comply with Australian Securities and Investments Commission (“ASIC”) standards and that cover complaints made by retail clients about the financial services provided;
(b) membership of Australian Financial Complaints Authority (AFCA) www.afca.org.au, an external dispute resolution scheme, approved by ASIC, that covers complaints made by retail clients in relation to the financial services provided by PRFX.
1.1. How complaints are received and dealt with
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 member it must be escalated to the Compliance Officer, PRFX.
Within 7 days of being notified of the complaint, the Compliance Officer will ensure that an acknowledgement letter is sent to the client identifying themselves as the person who will handle the complaint and to explain the complaints handling process and any rights they have.
1.2. Maximum time frame for dealing with a complaint
The Compliance Officer will act as an impartial investigator and will attempt to resolve the complaint with the client within 7 days of the acknowledgement letter being sent.
If the complaint cannot be resolved within the 7 day period then a more detailed letter will be written to the client explaining this fact and, if necessary, seeking further information. The Compliance Officer will then have an additional 7 days to resolve the complaint.
1.3. Remedies for resolving complaints
Each complaint received by PRFX is handled case-by-case, and applicable remedies will vary due to the unique circumstances of each complaint. These remedies include, but are not limited to: written or verbal explanation of the issue; referring to and explaining disclosure documents and inherent risks; offering a product for a reduced rate; 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.
1.4. Referring unresolved complaints to an External Dispute Resolution scheme (EDR Scheme)
A final determination letter will be sent after 15 days of investigation and it will explain the options the client may have to further pursue the matter, ie, pursuing the matter with PRFX EDR Scheme, FOS.
In addition, any Product Disclosure Statement (“PDS”) and Financial Services Guide (“FSG”) issued by PRFX Ltd will detail the procedures for making a complaint and will note that if a client is not satisfied with the outcome of the complaint resolution procedures, the client has the right to contact FOS.
1.5. Recording and monitoring of complaints
The Compliance Officer ensures that a register of all complaints is maintained.
The Compliance Officer, will at a minimum, review the complaints history twice a year and document the results and any comments or recommendations in the relevant monthly compliance report.
In addition, PRFX complaints history will be reviewed as part of the annual compliance audit/compliance monitoring program. The results of the review and any comments or recommendations will be detailed in the post compliance audit report.
The information that relates to individuals is shared with the relevant people, their supervisors, and HR and forms part of the consideration of the individuals and their managers’ competence assessments and personal development plans.
1.6. Guides to Internal Dispute Resolution procedures (IDR Procedures) available to clients
PRFX provides all clients with terms and conditions which detail the IDR procedures and which are also available from PRFX on request.
Any PDS and FSG issued by PRFX Ltd will also detail the procedures for making a complaint. A PDS and FSG will be provided to every retail client in accordance with the Corporations Act 2001 (Cth).
1.7. Documenting IDR Procedures
All PRFX staff members are made aware of the procedures for handling complaints. Upon joining PRFX, new staff members are given an electronic copy of the Compliance Procedures Manual and are asked to sign that they undertake and agree to comply with its requirements. A full copy of the Compliance Procedures Manual is available online for reference by staff members at all times.
2.1. Membership to FOS
PRFX FOS membership number 32831.
The Australian Financial Complaints Authority (AFCA) is an ASIC approved EDR scheme which can deal with complaints about all of the financial services that PRFX Ltd will provide to retail clients under its AFS licence number 440947, namely:
> provide foreign exchange general advice
> deal in foreign exchange products.
The Compliance Officer has the primary responsibility for dealing with FOS.
Complaints that cannot be resolved via the internal procedure detailed above may be referred to FOS.
In most cases FOS will then facilitate discussion and, as appropriate, negotiation between the parties. At this stage the issues that are in dispute will be identified. If the dispute cannot be resolved through discussion, FOS will facilitate conciliation between the parties. The conciliation will attempt to assist the parties to settle the dispute and agree on the terms of a settlement.
We understand that if a resolution does not result in a resolution of the dispute, the matter can be referred to relevant law, fairness and reasonableness of the dispute. As a member of FOS, any decision by the adjudicator or panel is binding on PRFX and on you if you accept it. If you do not accept the decision, you may pursue the dispute in another forum.
Further information can be found on their website http://www.fos.org.au/
Pursuant to the requirement of PRFX’s AFS licence, if PRFX ceases to be a member of FOS or other EDR Scheme, the Compliance Officer is to notify ASIC within 3 business days, stating:
> the date PRFX ceases membership;
> the reasons PRFX membership of the EDRS(s) has ceased (including circumstances where the EDRS is no longer operating, failure by the licensee to renew their membership of the EDRS or where the EDRS has terminated the licensee’s membership of the EDRS);
> details of the new EDRS(s) PRFX intends to or has joined (including the date the membership commences and the name of the EDRS); and
> details that provide confirmation that PRFX is covered by EDRS(s) covering complaints made by retail clients in relation to the provision of all of the financial services authorised by this licence.