Our Complaints Management Process
At Wahed Invest Ltd (“Wahed”), we are committed to maintaining a high standard of service.
Whatever the issue is, we will do our best to address complaints promptly and fairly. To assist with this process we have prepared procedures to ensure that complaints are handled fairly and within reasonable timescales.
What is a complaint?
Wahed defines a complaint using the definition contained in the FCA glossary, namely: -
“Any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of, or failure to provide, a financial service or a redress determination, which:
- (a) alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience; and
- (b) relates to an activity of that firm, or of any other firm with whom that firm has some connection in marketing or providing financial services or products, which comes under the jurisdiction of the Financial Ombudsman Service.”
How to submit a complaint?
We welcome any and all feedback on our products and services. In the unlikely event that you feel dissatisfied with any of our products and services, or you feel that our service has not met your expectations, you can submit a formal complaint to our Customer support unit by:
Email: uksupport@wahed.com
Telephone +44 808 169 6662
By writing to us: 87-89 Baker Street, London, W1U 6RJ, UK
What is the complaint process?
At Wahed, any staff member can receive a client complaint and has the responsibility to do everything within their authority in conjunction with the Compliance department to resolve the issue at the first point of contact.
In order to help us respond as quickly as possible, a complaint sent by the client shall include:
- the client’s full name;
- the clients account number;
- the date on which the issue occurred; and
- a clear and logical description of the issue.
Our Compliance department operates independently and will carry out an impartial evaluation of your case, contacting you for more information if necessary. They will endeavour to determine what failed to happen and assess whether we have acted properly and in accordance with our rights and obligations. They may also determine whether any compensation is due.
What is the investigation process?
On receipt of your complaint our Compliance department will acknowledge your complaint and, where required, will commence an investigation. Where the complaint is resolved within 3 business days of its receipt, we will send you a Summary Resolution Communication (as defined under the FCA rule DISP 1.5.4) explaining how the complaint has been resolved and providing information on your rights to refer the matter to the Financial Ombudsman Service (“FOS”) if you remain dissatisfied.
If it will take longer to resolve your complaint, we will provide you with an acknowledgement letter within 5 business days of receipt of your complaint. We will keep you informed of progress and may ask you to provide further information to assist us in the investigation of the complaint.
Although regulation allows us up to 8 weeks to deal with a complaint, we will make every effort to provide our clients with a fair outcome.
Final response
If after a period of 8 weeks, our Compliance department has not completed its investigation and provided a final response, we must either:
- provide a final written response, which:
- accepts the complaint, and where applicable, offers redress or remedial action; or
- offers redress or remedial action without accepting the complaint; or
- rejects the complaint and gives our reasons for doing so.
- indicates whether or not we consent to waive the relevant time limits;
- informs the complainant that he or she may refer the complaint to the FOS if dissatisfied and,
if so, do so within 6 months of the date of our final response.
- accepts the complaint, and where applicable, offers redress or remedial action; or
- provide a final written response, which:
- explains why we are unable to give a final response and provide an estimate as to when we expect to be able to do so;
- informs the complainant that he or she may now refer the complaint to the FOS;
- indicates whether or not we consent to waive the relevant time limits;
- encloses a copy of the FOS standard explanatory leaflet; and
- provide the website address of the FOS.
- explains why we are unable to give a final response and provide an estimate as to when we expect to be able to do so;
We will consider a complaint closed when we have made our final response to you. This does not prevent you from exercising any rights you may have to refer the matter to the FOS. You can contact the FOS on the details provided below:
Financial Ombudsman Service
Exchange Tower
London
United Kingdom
E14 9SR
Phone: 0800 023 4567
Email: complaint.info@financial-ombudsman.org.uk
Web: http://www.financial-ombudsman.org.uk
Retaining complaint records for the FCA
- The FCA rule DISP 1.9.1 indicates a firm must keep a record of each complaint for a minimum period of 3 years from the date the complaint was received.
- The FCA rule DISP 1.10.1 indicates a complete report concerning complaints received from eligible person (as defined under the FCA rule DISP 2.7) must be made to the FCA twice a year.
This report specifies the total number of complaints received by the firm which were not settled by the close of the third business day after the receipt of the complaint in accordance with the FCA rule DISP 1.5.4.