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

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Contents

 

Section          Title

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1.           Introduction

2.           How to Make a Complaint

3.           What Happens Next?

4.           Complaints Forwarding

5.           Complaints Handling Contact Information

6.           Further Support

 

 

1. Introduction

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1.1          We are GrowNorth Financial Limited. We are a commercial finance broker based in the United Kingdom. GrowNorth Financial Limited is an Appointed Representative of Alfred Vaughan & Co Limited trading as Vaughans who are authorised and regulated by the Financial Conduct Authority under FRN 966356 and are members of the National Association of Commercial Finance Brokers (NACFB). Member No: 30347. Alfred Vaughan & Co Limited trading as Vaughans are our ‘Principal Firm’. 

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1.2           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 and Complaints Manager will investigate your complaint competently, diligently and impartially.

 

1.3           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 customers” 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.

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. Strengthening Consumer Rights

                      2. Promoting Fair Outcomes

                      3. Increasing Transparency and Accountability

                      4. Improving Competition and Innovation

                      5. Enhancing Consumer Trust and Confidence

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1.4          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.

 

1.5          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.

 

2.       How to make your complaint:

 

 2.1     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:

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• 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.

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3.      What happens next?

 

3.1     Alfred Vaughan & Co Limited T/As Vaughans aim to resolve all complaints as quickly as possible. We will consider all the available evidence, the circumstances together with any relevant laws or regulations. We will keep you regularly updated about what is happening and discuss our findings.

We will contact you within three working days to let you know we are considering your complaint and clarify any points where necessary. If we can resolve your complaint within three 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.

 

3.2    Sometimes Alfred Vaughan & Co Limited T/As Vaughans are not able to find a resolution within three working days. On these occasions we will issue you with an initial response letter which outlines the circumstances of your complaint. We aim to respond to all complainants within four weeks although we have eight weeks from the date of receipt of your complaint to investigate and provide you with our final response.

 

3.3    Sometimes it can take a bit longer to reach a 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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3.4    When we have fully investigated your complaint and reached a decision, we will write to you to let you know our final response. This is a detailed letter which will tell you what we have found, what we plan to do and how we came to our decision.

 

3.5    If you are unsatisfied with the outcome of our investigation, the final response letter will explain that you may have the right to refer your complaint to the Financial Ombudsman Service within six months of the final response being issued by Alfred Vaughan & Co Limited T/As Vaughans.

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The Ombudsman cannot consider a complaint if the complainant refers it to the Financial Ombudsman Service:

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• more than six months after the date on which the respondent sent the complainant its final response, redress determination or summary resolution communication; or

• more than six years after the event complained of; or (if later)

• three years from the date on which the complainant became aware (or ought reasonably to have become aware) that he had cause for complaint

 

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.

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4.     Complaints Forwarding

 

4.1    Where Alfred Vaughan & Co Limited T/As Vaughans identify a third-party may be solely or jointly responsible for the matters disclosed within a complaint, we will forward the complaint to the relevant party without delay.

 

4.2    Alfred Vaughan & Co Limited T/As Vaughans will notify the complainant in the form of a ‘final response letter’ that we have referred the matter to the third party for investigation.

 

4.3     Where Alfred Vaughan & Co Limited T/As Vaughans are jointly responsible for matters disclosed within a complaint, we will investigate the element relating to us and we will respond accordingly.

 

4.4      Where Alfred Vaughan & Co Limited T/As Vaughans is in receipt of a forwarded complaint, we will acknowledge the complaint and will apply the standard time limits for a response from the date on receipt.

 

4.5      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.

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5.    Complaints Handling Contact Information

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Address:                            Alfred Vaughan & Co Limited 

                                            c/o Belmont House, 75 Church Street

                                            Bentley, Doncaster. DN5 0BE.

 

Contact Number:            0330 1222247 or 07797 771972

Email:                                info@vaughans.co

Complaints Manager:     Paul Brookes

 

6.       Further Support

 

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

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**END**

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