MyWealth Legatus SPC
Complaints Procedure Policy
Definitions
A complaint: Is an expression of dissatisfaction or discontentment with a particular situation, product, service, or individual. A complaint typically involves voicing concerns, grievances, or objections about something that is perceived as unsatisfactory, unacceptable, or in violation of expectations or standards.
- In a legal context, complaint is a formal legal document filed by a plaintiff or a prosecutor that initiates a lawsuit or legal action against a defendant. It outlines the allegations, claims, and legal basis for the case.
- In a customer service or business context, complaint is an expression of dissatisfaction with a product, service, or experience provided by a company. It is often communicated to the company or its representatives with the expectation of a resolution or remedy.
A complainant: Is a person that submits a complaint.
Company: Is MyWealth Legatus SPC (hereinafter referred to as “MyWealth”)
- Policy
The Complaints Management Policy formalizes the practices required for effective management and handling of complaints. Our objectives are:
1.1. To treat customers fairly.
1.2. To protect and enhance our reputation.
1.3. To improve effectiveness.
1.4. To restore and enhance relationships and growth.
- Applicability
This policy applies to all instances where a complaint arises out of a service provided by our employees or consultants who work on our behalf.
- Our Commitment
We are committed to the following:
3.1. Training and empowering our staff to resolve and deal with complaints efficiently and effectively.
3.2. Addressing with complaints in a timely and fair manner.
3.3. Offering appropriate redress to the complainant without delay if the complaint is resolved in their favour.
3.4. Providing a written explanation where a complaint is not resolved in the complainant’s favour.
3.5. Maintaining a record of all complaints for a period of not less than 5 years.
3.6. Conducting root cause analysis to identify the underlying cause of complaints and implementing measures to prevent their recurrence.
- Complaints Resolution Protocol
Where we have received a complaint and / or the client has indicated their intention to submit a complaint the following procedure must be followed:
4.1. Provide the client with a copy of the Complaints Procedure as provided in Annexure A.
4.2. If the complaint was made verbally, request the complaint in writing, from the complainant.
4.3. Once the written complaint is received, record verbatim in the company’s Complaints Register within 3 working days.
4.4. Provide a written acknowledgment of the complaint to the complainant within 3 working days of receipt.
4.5. Ensure the complaint is allocated to an appropriate MyWealth employee:
4.5.1. This employee is tasked to investigate the matter and revert to the complainant with any preliminary findings within 7 working days, where applicable.
4.5.2 The employee dealing with the complaint will discuss the findings with internal parties concerned.
4.5.3. The employee will keep the client continuously informed of the complaint process progress.
4.5.4. The employee dealing with the complaint will formulate a joint response, consisting of a consultation with management and the compliance Officer.
4.6. Provide a proposed solution to the complainant, with the option to escalate to senior management, within 14 working days of receiving the complaint.
4.7. Conduct a root cause analysis and implement measures to prevent similar complaints from recurring.
Annexure A
Complaints Procedure
MyWealth is not an authorized Financial Services Provider regulated by the CIMA (Cayman Islands Monetary Authority) nor the FSCA (Financial Sector Conduct Authority). However, we have implemented this process to manage complaints beyond our regulatory requirements. The purpose of this procedure is to inform you of the process to be followed in the event of a complaint.
- Procedure
The MyWealth internal complaints resolution process is intended to provide complaints resolutions that are fair and effective. The time periods outlined in this policy will be followed as a general rule, but they may be subject to variation if deemed necessary.
1.1. Submit your complaint in writing, and supply the following details:
1.1.1. The Name, surname, and contact details.
1.1.2. A Detailed description of the complaint, including dates.
1.1.3. The Name of the person who provided the service that led to the complaint.
1.2. The complaint will be entered into our Complaints Register within 3 working days, and we will send you a written confirmation of receipt.
1.3. Records of the complaint will be for 5 years. The most effective method of communication is email to [email protected].
1.4. The senior manager in charge of the relevant department will allocate the complaint to a trained and skilled person for investigation.
1.5. They will investigate the complaint and provide you with preliminary findings within 7 working days from the date of receipt. The reasons for the outcome will be clearly explained.
1.6. Internally, we will discuss the preliminary findings and communicate a proposed solution to you within a further seven working days. We will explain the reasons for our decisions.
1.7. If you are dissatisfied with the given suggestion, you may refer the complaint to the Management Committee of our business for further review. The Committee has the discretion to amend or confirm the proposed solution. Where decisions may require the approval of the Managing Director, MyWealth, we will inform you of the final decision date.
Contact Details:
MyWealth Legatus SPC
P O BOX 2775
Artemis House
67 Fort Street
Grand Cayman
KY1-1111
Cayman Islands
Website: www.mywealthlegatus.io
