This document sets out what to do in the event of a complaint.

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1. Introduction

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1.1         Consumer Duty: The Financial Conduct Authority (FCA) introduced the twelfth Principle for Business in July 2022: “A firm must act to deliver good outcomes for retail customer” with the rules, guidance and delivery of the four consumer outcomes coming into force on a phased basis. For all new and existing products or services that are open to sale or renewal the rules come into force on 31 July 2023 and for closed products or services, the rules come into force on 31 July 2024.

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The Duty sets a higher and clearer standard of consumer protection across all financial services and requires firms to act to deliver good outcomes for customers by:

 

1.2         Cross-cutting rules:

1. Act in good faith towards clients; e.g. by dealing with complaints promptly and fairly.

2. Avoid causing foreseeable harm to clients; e.g. by taking action to remedy any situation where the firm identifies a poor consumer outcome.

3. Enable and support clients to pursue their financial objectives; e.g. by making it as easy to switch products or disengage the broker’s services as it was to buy the product or engage the service in the first place.

 

1.3         Four consumer outcomes:

1. Products and services – e.g. by monitoring complaint MI to identify products where the distribution strategy may be leading to consumer harm.

2. Price and value – e.g. by providing several channels for a client to complain which ensures they do not face unnecessary charges.

3. Consumer understanding – e.g. by identifying areas where clients are not happy with the firm’s communications approach, or that indirectly show that communications do not allow customers to make informed decisions.

4. Consumer support – e.g. by ensuring the quality of any post-sale service is as good as any pre-sale service.

 

For further information on the application and purpose of the Consumer Duty visit PRIN 2A of the FCA Handbook.

 

1.4          Alfred Vaughan & Co Limited T/As Vaughans are committed to providing products and services of the highest standard. If for any reason, you feel you are not entirely satisfied with any aspect of our service, please let us know straight away. Alfred Vaughan & Co Limited are authorised and regulated by the Financial Conduct Authority under number 966356 . We are also a member of NACFB (National Association of Commercial Finance Brokers) and adhere to their Code of Practice.

Our Client Care Team department will investigate your complaint competently, diligently and impartially.

How to make your complaint:

Firstly, let us know what has happened. You can call us, email us or write to us. Our contact information is detailed at the bottom of this document.

We will need to know:

• Your name and address.

• Your agreement number or policy number as appropriate.

• Details of how we can contact you.

• A clear description of your complaint and whether any 3rd party is involved.

• Details of what you would like us to do to resolve your complaint.

• If appropriate, copies of any relevant supporting documentation.

 

 

1. What happens next?

 

2.1          We will contact you within 3 working days to let you know we are considering your complaint and clarify any points where necessary. If we can resolve your complaint within 3 working days, we will send you a Summary Resolution Communication. This is a written confirmation, which confirms that you made a complaint and that we now consider the matter resolved.

 

2.2          If you subsequently decide that you are dissatisfied with the resolution of the complaint, you    may be able to refer the complaint to the Financial Ombudsman Service, ICO or the NACFB dependent upon the circumstances surrounding the case. The NACFB suggest trying to resolve the complaint directly with us in the first instance. If the complaint is referred to the NACFB, they will investigate the complaint competently, diligently and impartially. It is important to be aware, the NACFB have no powers or sanction relating to any form of compensation.

 

2.3          We will indicate within the communication whether we consent to waive the relevant time limits as set out in the FCA handbook (Dispute Resolution) if this is applicable. We will keep you regularly updated about what’s happening and discuss our findings.

 

2.4          We will consider all the available evidence, the circumstances, relevant laws or regulation, as well as guidance from the Financial Ombudsman Service where applicable. When we have investigated your complaint, we will write to you to let you know our final response. This detailed letter will tell you what we have found, what we plan to do and how we came to our decision. If it is going to take us more than eight weeks to resolve your complaint, from when you first contacted us, we will update you on our progress and explain why it is still ongoing.

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Address:                            Alfred Vaughan & Co Limited 

                                      c/o Belmont House, 75 Church Street

                                              Bentley, Doncaster. DN5 0BE.

 

Contact Number:            0330 1222247

Email:                                 info@vaughans.co

 

2.5          If you are not satisfied with how we dealt with your complaint or you are not happy with our decision and wish to take it further, you may be able to contact the Financial Ombudsman Service (FOS) regarding your complaint provided that the complaint concerns a regulated activity or you fall within the classification of an "eligible complainant". FOS contact details are:

Address:                           Financial Ombudsman Service (FOS) 
                                            Exchange Tower
                                            London
                                            E14 9SR

Consumer helpline:     0800 023 4567 or 0300 123 9123
Switchboard:                  0207 964 1000
Fax:                                     0207 964 1001
Email:                               complaint.info@financial-ombudsman.org.uk

 

NACFB Contact details:

Address:                            NACFB,

33 Eastcheap,

London

                                                 EC3M 1DT

Contact number:             020 7101 0359

Email:                                 complaints@nacfb.org.uk

 

 

2.6          Please be aware of the European Commission’s Online Dispute Resolution platform (ODR) which allows you to make a complaint about online purchases through the platform. This platform may be used to facilitate resolution of disputes and sits alongside our existing complaints procedure. For more information [click here].

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