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Complaints Handling Policy

Welcome to the CXM Prime website (“Site”), which is owned and operated by CXM Prime Ltd, a company incorporated in England and Wales with company number 13407617, whose registered office is at No. 518 15 St Helen's Place, London, England, EC3A 6DQ (referred to in this policy as “we”, “us” or “our”). We are authorised and regulated by the Financial Conduct Authority (FRN: 966753). 

Purpose

This policy details how CXM Prime Ltd (‘CXM Prime’) will deal with all complaints received from its clients or potential clients. 

 

The Firm is authorised and regulated by the Financial Conduct Authority (FCA) and as such will act in accordance with the rules in the Dispute resolution sourcebook (DISP) in the FCA Handbook.   

 

Review of Policy and Procedure

The Policy and procedure will be reviewed on an annual basis and will be amended as considered necessary by the Firm’s management body in the event of changing circumstances or regulatory reforms. 

Responsibilities  

 

The management body of the firm is responsible for the implementation of this policy and for monitoring compliance with it. 

 

Peter Wilson is the senior manager responsible for the overall complaints handling function at CXM Prime. 

 

The Compliance Team are responsible for analysing complaints to identify and mitigate any risk or issues.  

 

The compliance team is also responsible for recording, investigating any complaints raised, assessing them in accordance with FCA rules, providing the client with a written outcome and notifying them of the right to refer their complaint to the Financial Ombudsman Service (FOS). 

 

CXM Prime employees are responsible for identifying a verbal or written complaint and referring these to the Compliance Team. 

 

Definitions

 

The FCA defines a MiFID complaint as  ‘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: 

 

  1. which alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience; and

  2.  either: 

    • to which article 26 of the MiFID Org Regulation applies; or 

    • which concerns the equivalent business of a third country investment firm. 

 

A MiFID complainant includes :  

  • Retail client  

  • Professional client (both per se and elective professional clients) 

  • Eligible counterparty (in relation to eligible counterparty business) 

 

An Eligible complainant is a complainant that is: 

  1. A consumer 

  2. A micro enterprise  

  3. A charity with an annual income of less than £1,000,000  

  4. A trustee with net assets of less 1,000,000 

Complainants that are professional clients or eligible counterparties acting outside of their trade or profession in relation to the activity to which the complaint relates are considered to be customers and as such are eligible complainants.  

Eligible complainants have the right to refer their complaints to the Financial Ombudsman Service. 

 

The Policy

 

CXM Prime will publish the details of  its complaints handling process on its website.  

This will include information about the complaints management policy and the contact details of the complaints management function. This information shall be provided to clients or potential clients, on request, or when acknowledging a complaint. 

 

Complaints Resolution 

 

Clients and potential clients are able to submit complaints free of charge. 

 

Complaints will be handled promptly, effectively and in an independent manner, obtaining additional information as necessary. The Firm will always communicate with clients and potential clients clearly in plain language that is easy to understand and will reply to the complaint without undue delay. 

 

The Firm will assess fairly, consistently and promptly: 

 

  1. The subject matter of the complaint 

  2. Whether the complaint should be upheld 

  3. What remedial action or redress may be appropriate 

  4. Whether another party may be solely or jointly responsible for the matter alleged in the complaint 

 

Factors that may be relevant in the assessment of a MiFID complaint include the following: 

  1. All the evidence available and the particular circumstances of the complaint 

  2. Similarities with other complaints received by the Firm 

  3. Relevant guidance published by the FCA, other relevant regulators, the Financial Ombudsman Service or former schemes 

  4. Appropriate analysis of decisions by the Financial Ombudsman Service concerning similar complaints received by the Firm 

CXM Prime will promptly comply with any offer or remedial activity or redress accepted by the complainant. The Firm will consider a complaint closed when it has issued a final response. 

 

CXM Prime will provide information about the Financial Ombudsman Service to eligible complainants on its website and if applicable, in the general conditions of its contracts with eligible complainants. 

 

If a complaint is referred to the Financial Ombudsman Service, the CXM Prime will cooperate fully with the Financial Ombudsman Service and comply promptly with any settlement or awards made by it. 

Timelines

 

Complaints time limits 

On receipt of a complaint the CXM Prime will send the complainant a written acknowledgement providing confirmation that is has received the compliant and is dealing with it. 

 

CXM Prime will ensure that the complainant is kept informed of the progress of their complaint and measures being taken to resolve the complaint. The Firm will write to complainants after four weeks if it has not reached a decision. 

 

The Firm will issue a final response to the complainant within 8 weeks and inform the complainant, for eligible complainants, about their options for onward referral to the Financial Ombudsman Service. 

 

If for any reason CXM Prime  is unable to resolve the complaint within 8 weeks, it will provide the client must send out a holding letter explaining why it has not been able to issue a decision within the above time frame and when it expects to be able to provide a decision. It should however be noted that  it is a requirement that final responses are issued by the end of eight weeks after receipt of complaints. 

Complaints forwarding 

The Firm may promptly forward the complaint in writing to another party if they have reasonable grounds to believe that the other party may be solely or jointly responsible for the matter alleged in the complaint. If a complaint is forwarded, the Firm will inform the complainant promptly in a final response of why the compliant has been forwarded to another party and provide the complainant with the other party’s contact details. 

If the Firm receives a forwarded complaint, the complaint will be treated as if the Firm has received the complaint directly and the same time limits will apply from the date on which the Firm has received the forwarded complaint. 

 

Complaints time barring 

If the Firm receives a complaint which is outside the time limits for referral to the Financial Ombudsman Service, it may reject the compliant without considering the merits but will explain this to the complainant in its final response. 

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

  1. More than six months after the respondent sent the complainant its final response 

  2. More than six years after the event complained of 

  3. More than three years from the date on which the complainant became aware that he had cause for complaint 

 

Redress

Where CXM Prime is responsible for the client suffering financial detriment, it will seek to put the client back in the position they would have been in, if the original problem that led to the complaint had not occurred.   

 

Each case where the firm  has determined that it is responsible for the client suffering distress or inconvenience shall be considered on a case by case basis. The firm may consider financial or non-financial awards. In some instances an apology may be deemed sufficient. 

 

Record Keeping

A complaints register is maintained by the Complaints Team which contains details of each complaint received. 

Suitable records are maintained to allow management to adequately monitor the level and types of complaints that it receives.  Records about complaints are maintained for at least five years from the date the complaint was received by the firm.  

 

Reporting to the Board

The management body will be provided with a complaint management report at least every six months. This will contain a summary of the handling of complaints and highlight any significant matter. It will also include management information on the number of complaints being received, the number upheld, the redress paid and details. 

The management body will also be provided with analysis of complaint trends as well as the root causes. 

 

The firm’s management, including its compliance function, analyses complaints and complaint-handling data to ensure that the causes of complaints are identified and addressed. 

 

Recurring problems involving the delivery of the firm’s services are identified and the appropriate remediation carried out to processes and procedures to ensure the root causes of the complaints are resolved.  

 

The firm provides the information on complaints and complaint handling as required by the FCA for complaints. 

 

The Financial Ombudsman Service

CXM Prime and its employees will co-operate fully with the FOS in the handling of complaints against it. Co-operation with the FOS includes, but is not limited to, producing requested documents, adhering to any specified time limits, attending hearings when requested to do so and complying promptly with any settlements or awards 

 

Breaches of the Complaints Policy and Procedure

Any breaches of the Complaints Policy and Procedures will be recorded on the Firm’s breach log in conjunction with its Regulatory Breach procedure. 

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