1.Introduction

Money Ocean aims to achieve high standards of service delivery and welcomes feedback on all aspects of our services from consumers of our services and anyone who works with us. Every customer at Money Ocean is important to us, hence we strongly believe in fair, speedy and courteous service. Of course, this does not always eventuate, resulting in complaints and it is vital we are profoundly serious about every complaint.

2.Purpose

In accordance with the FCA, we have instituted a Complaints Policy to ensure that we handle consumers complaints effectively, easily and transparently. The Head of Customer Services of Money Ocean is to investigate all complaints received by consumers and employees should immediately direct any complaints to this person. As required pursuant to the FCA’s Principle of Treating Customer Fairly, complaints must be handled fairly and provide consistent outcomes for all customers.

Motaz Ali  will be responsible as Head of Customer Services for the investigation of all complaints.

This policy extends to all staff and addresses all received complaints.

2.1Objective

The objectives of Money Ocean Ltd complaints policy and procedures are to:

  • provide clear, accurate and up-to – date information on complaints processes.
  • ensure that complaints are monitored to improve our services.

3.Definition of Complaint

A complaint is defined by the FCA 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”.

A customer may make a complaint to Money Ocean if they feel dissatisfaction with:

  • the way in which we respond to an enquiry.
  • the delivery time of a transaction
  • the time we took to respond to phone calls.
  • the service provided or a mistake occurred in the way the service was provided.

4.Concern or Complaint

It is significant to distinguish the difference between a concern and a complaint. Addressing informal concerns at the earliest possible stage reduces the probability of formal complaints developing.

Seek help from your supervisor/ manager if you have any difficulties dealing with informal concerns, so you can quickly try to put things right.

“Putting things right” could be as straightforward as:

  • conducting a reality check into what happened
  • a verbal acknowledgment of poor service and an apology
  • a clarification if you believe the customer may have misunderstood
  • a confirmation that action has been taken to correct an error

If the customer is not happy with the response to their concern and/or want to make a formal complaint, please follow the procedure below.

5.Procedure

The following complaints procedure should be followed when a complaint is received from a customer:

  1. On receipt of a verbal complaint the customer should be requested to put the complaint in writing to complaints@moneyocean.co.uk or via post to 16 Thurston avenue oldbruy Birmingham
  2. Received complaints must be forwarded to the Head of Customer Services immediately. A written acknowledgement of the complaint must be provided to the customer within five working days of receipt.
  3. All complaints at this point will be dealt with by the Head of Customer Services in an efficient, fair, and competent manner to determine whether the complaint should be upheld. The Head of Customer Services may ask for additional information where necessary and will review all evidence available as well as review the specific circumstances of the complaint.
  4. In accordance with DISP 2.8.1, the complainant will receive a final response after 15 business days clearly explaining the reasons for the complaint being either upheld or not upheld. In exceptional circumstances a holding response of 35 business days can be given to the customer for a conclusion to be reached.
  5. In the case a complaint is upheld, and financial disadvantage towards the customer has been recognised because of our error, a compensation will be offered to the customer. If the customer accepts our offer of compensation, we require a written acceptance of such within 14 business days. Once Money Ocean receives a written acceptance the offer would be the final settlement of the complaint. Any compensation offers will be closed if we do not hear back from the complainant after 14 business days of having issued our final response.
  6. If the complainant is dissatisfied with the final response given or the compensation offered, they are able to refer the complaint to the Financial Ombudsman Service. Money Ocean must make contact details to the Financial Ombudsman Service easily accessible to the complainant (refer to Terms and Conditions 31.2).
  7. In accordance with DISP 2.8.2, Money Ocean is not required to consider the merits of a complaint if it is received after the time limits for referral to the Financial Ombudsman Services. It must be made clear to the customer that the Financial Ombudsman Services cannot consider a complaint if it has been 6 months since Money Ocean provided a final response.

6.Monitoring

Money Ocean will keep full records of each complaint received including information about measures undertaken to resolve each complaint. All complaints will be kept on file for 3 years from the date of the complaint. As part of the Complaints Policy, Management of Money Ocean will analyse complaints with the objective of identifying and addressing any risks or issues. Complaints are vital, providing useful source of information about how customers see our services and how we serve them. Wherever possible the data collected from complaints will be used to improve and develop our service.

7.Changes to this policy

If any changes occur to our Complaints Policy, we will post these changes here so that you are always aware of the specific complaints procedures we follow in accordance with the FCA regulations.

8.Enforcement of policy

If for some reason you believe Money Ocean Ltd has not adhered to these principles, please notify us and we will do our best to promptly make corrections.

If you have questions or comments about this complaints policy, please email us or write us at:

Money Ocean 7 Whitmore Road Birmingham United Kingdom B10 0NR or via Email : info@moneyocean.co.uk