Complaints Policy & Procedure
Torca defines a complaint as: ‘Any expression of dissatisfaction, whether oral or written, and whether justified or not, from or on behalf of an eligible complainant about the firm’s provision of, or failure to provide, a financial service’.
Torca aims to resolve complaints at the earliest possible opportunity.
Liaising with the Compliance Team where necessary; staff should take appropriate steps to attempt to resolve the complaint within one business day if possible. Staff must complete a Customer Complaint Report attaching all relevant information and/or documentation and send the completed report to Compliance.
Any complaint will be investigated competently, diligently and impartially and assessed fairly, consistently and promptly.
If the complaint can be resolved within one business day, the Compliance Team will raise a standard Summary Response Letter (SRL) and a Recommendation Following a Complaint (RFC), if appropriate, to prevent this type of case recurring.
If, from the initial contact with the eligible complainant, the complaint has not been resolved within one business day, the Compliance Team will work with relevant staff member(s) as necessary, in an effort to resolve the complaint within three business days from the date of receipt.
The Compliance Team will update the complaints register with the details of the complaint, including the identified cause and any steps to prevent a recurrence, and a copy of the acceptance of the resolution from the complainant must be attached to the file.
If the complaint cannot be resolved within three working days, the Compliance Team will provide a prompt acknowledgement of the complaint to the eligible complainant. This standard holding response will confirm that we will aim to resolve the issue as quickly as possible, but advise that in any event we will contact the client with an update within four weeks of receiving the complaint. The acknowledgement will provide the complainant with details of who will be handling the complaint and a copy of the firm’s complaints handling procedures.
A diary note for four weeks from the receipt of the complaint is placed on record in case the complaint cannot be resolved by that date.
If the complaint cannot be resolved within four weeks from the receipt of the complaint a standard four week holding letter is sent to the complainant explaining that will aim to resolve the matter within the next four weeks.
Once the Compliance Team have resolved the complaint they will provide the complainant with a final written response. The final response should be clearly marked ‘FINAL RESPONSE’ and must contain:
- The outcome of the investigation
- A clear explanation as to why the complaint has been upheld or rejected
- Details of any redress or compensation offered
- Where appropriate, an apology, as well as details of measures that will be considered in order to prevent further similar complaints