Complaint policy

A complaint for this policy is defined 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 which:

• Alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience; and
• For the purpose of this Policy is not eligible within the meaning of Section 226(6) of the Financial Services and Markets Act 2000 (the Ombudsman Scheme – Compulsory Jurisdiction)

Procedure
PFS must ensure procedures are in place and apply adequate and effective complaint resolution procedures for the settlement of complaints from payment services users. These procedures must:

• Be applied in very EEA State where PFS offers payment services;
• Provided in English subject to agreement between PFS and the payment service user.

When PFS receives a complaint from a payment service user, the Firm must make every possible effort to address all points raised in a reply to the complaint on paper or, if agreed between PFS and the payment service user, in another durable medium.

Keeping the complainant informed  
On receipt of a complaint PFS must:   
 
(i) Subject to (ii) immediately below, a reply must be provided to the complainant within an adequate timeframe and no later than fifteen [15] business days after the day on which PFS received the complaint; and   
 
(ii) In exceptional situations, if a full reply cannot be given in accordance with (i) immediately above for reasons beyond PFS’s control, PFS must send a holding reply, clearly indicating the reasons for the delay in providing a full reply to the complaint and specifying the deadline by which the payment service user will receive a full reply;   
 
(iii) The deadline specified under (ii) immediately above must not be later than thirty-five [35] business days after the day on which PFS received the complaint.

The UK Parliament established the Financial Ombudsman Service as the official independent expert in settling complaints between consumers and businesses providing financial services.

Escalation Process

If you have lodged a complaint and are not entirely satisfied with the solution by The Berkshire Exchange, you can obtain a copy of the Financial Ombudsman Service explanatory leaflet from us or contact the Financial Ombudsman Service directly at:

Financial Ombudsman Service Exchange Tower London E14 9SR

Website: www.financial-ombudsman.org.uk
Email: complaint.info@financial-ombudsman.org.uk
Phone: 0800 023 4567 or 0300 123 9123

If your complaint is in relation to Data Protection, and we are unable to provide you with a final response within one calendar month we will write to you with:

• An explanation as to why we are unable to provide you with a final response and with an indication as to when you will get one.
• If you are an eligible client, a notification of your right to refer the matter to a Data Supervisory Authority.

For the purpose of our processing the Lead Supervisory Authority is:

Lead Supervisory Authority Information Commissioner’s Office Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF, United Kingdom

Website: https://ico.org.uk
Email: casework@ico.org.uk
Phone: 44 (0) 303 123 1113

Making and retaining records of complaints
PFS will make and retain records of complaints relating to the payment service business for a period of five years from the date of its receipt of the complaint. They will include:

The name of the complainant; The substance of the complaint; and Any correspondence between PFS and the complainant including details of any redress offered by PFS.

Reporting – When is a complaint closed?
A closed complaint is a complaint:

• Where PFS has sent a final response; and
• Where the complainant has indicated in writing acceptance of PFS’s responses.

Notification of contact point for complainants
The contact point can be by name or job title and may include, for example, a helpline telephone number however, it is recommended to remain consistent with this policy, that the Compliance Officer remains the nominated contact point at PFS for complainants.