Upon receipt of the complaint, an acknowledgment will be provided to the customer by DMM within 48 hours, acknowledging receipt of the complaint, providing confirmation that the matter is being investigated and what the timelines for DMM providing a response, or extending the investigation, are.
When a complaint is received, the Head of Customer Support will be responsible for assessing whether the complaint is material or whether it is a query, as some customers will use complaint avenues in an attempt to get their queries resolved faster (whilst not actually wanting to make an official complaint). All complaints assessed as 'material' will be logged in the Complaints Register maintained by the Head of Customer Support.
In the event that the Head of Customer Support is unable to determine whether a complaint is material or non-material, the Head of Operations will make the determination.
If the material complaint is assessed to involve legal risk, the material complaint will be the responsibility of the Senior Compliance Officer or appointed delegate. Otherwise, it will be delegated to the team/department best equipped to investigate the complaint given its nature.
All pertinent information in relation to the complaint will be collated for investigation by the team/department responsible for the complaint. Following investigation, a final response will be issued to the complainant within 14 days of receipt of the complaint.
In the event that a final response cannot be issued within 14 days, the team/department responsible for the complaint will issue an interim response within 14 days, and every 14 days thereafter subject to a maximum of 56 days by when a final response must be issued. Therefore, complaints will be issued a final response within a maximum 8 week period.
The final response will provide the following details:
a) accepts the complaint and, where appropriate, offers redress or remedial action; or
b) offers redress or remedial action without accepting the complaint; or
c) rejects the complaint and gives reasons for doing so; and
d) informs the complainant that if he remains dissatisfied with the firm's response, they may now refer their complaint to the BVI FSC;
Point d) above will clarify that, should the complainant feel that DMM has not addressed their concerns, the FSC may act as an intermediary, between the complainant and DMM, and seek to establish a factual account of the situation. The FSC will work towards determining whether any violation of laws, regulations and/or policy guidelines has occurred. Complaints are to be made in writing by letter, fax or email to the BVI Financial Services Commission at the following addresses: