Complaints Procedure Version 1
VERSION CONTROL
Document Owner: Operating Officer
Version No. 1
Date July 2023
Version Author Faizan Ahmed
Revisions/Changes Document Created
Table of Contents
1. INTRODUCTION
1.1 Independence
2. Complaints Procedure
3. Record Keeping
1. INTRODUCTION
Aquanow ME FZE (herein referred to as “the Firm” or “we”) is a liquidity provider allowing its customers to buy & sell various Virtual Assets (“VA)”.
This procedure intends to define the Firm’s approach to complaints.
Providing clients with the best possible service and dealing with them in a fair and timely manner is of utmost importance to the Firm.
If a client expresses dissatisfaction with the Firm, by any channel, then a complaint will be raised. The Firm will investigate all complaint in accordance with this procedure. The CEO is ultimately responsible for ensuring that all client complaints are handled in a fair and transparent manner.
1.1 Independence
To ensure that clients receive the proper handling of their complaint, no member of staff who is involved in the complaint (directly or indirectly) will be involved in the investigation and resolution of the complaint. All complaints will be investigated by a party who is independent from the facts and circumstances of the matter.
2. Complaints Procedure
A client may express dissatisfaction (a complaint) by any channel in place for client communications including email, telephone, platform, electronic message or via the Firm’s website.
When we receive a complaint via written electronic channels, a member of the operations team will attempt to resolve the complaint as soon as reasonably practical and usually within one to two business days of receiving the complaint.
If a complaint is received via a telephone call or in person, the staff member involved is required to accurately document the details of the complaint in writing and retain all written records for the complaint.
In all cases, complaints are logged and recorded in the complaints register including the details of the complaint, whether the nature of complaints received is indicative of internal control or process failures or arising from a common root cause, any changes made to address a common root or source of complaint, inadequate or inefficient internal controls and/or processes and the resolution. Complaints are only confirmed as resolved upon the confirmation from the client that they are satisfied with the resolution.
If the complaint is not resolved within 2 business days, then it is escalated to an independent party for investigation. This may be Operations, Compliance, Legal, IT, CISO/DPO or a combination or other departments as required and depending on the nature of the complaint. The CEO is responsible for determining who shall investigate a particular complaint.
The firm shall investigate all complaints and in particular:
a. analyse the causes of the complaint so as to identify common root causes;
b. considering whether such root causes may also affect other processes, services or products, including those not directly complained of; and
c. correcting such root causes.
The Firm shall acknowledge all complaints within one [1] week of a complaint being made. The acknowledgement will include the contact details of the individual responsible for handling the complaint and a link to this complaint handling procedure.
In certain cases, complaints arise due to issues on the part of custody providers, banks and other 3rd party service providers. In these instances, the Firm adheres to the following process:
a. Identify all issues that the complaint has stemmed from, including root causes, current status and time for resolution, and where necessary, introduce the customer directly the service provider for resolution and management;
b. Once the complaint is concluded, the Firm will work with the service provider to ensure a definitive plan is in place to avoid recurrence of the issue, where possible.
The Firm shall resolve all complaints within four [4] weeks of the complaint being made, except in extraordinary circumstances in which case the Firm will provide the client an update on the status of the complaint, and explain the extraordinary circumstances delaying its resolution, within four [4] weeks of the complaint being made and resolve the complaint no later than eight [8] weeks from when the complaint was made.
In resolving a complaint, The Firm will inform the client of the measures taken to resolve the complaint (including any redress and its terms), any remedial action taken, and seek a formal acknowledgement of the acceptance or non-acceptance of the proposed resolution by the client.
The response will also provide details by which the client can refer the complaint to VARA if the client is not satisfied with the Firm’s proposed resolution of the complaint.
Compliance oversees complaints as part of the Firm’s Compliance Monitoring Programme.
3. Record Keeping
Th Firm will keep records of all complaints, investigations and related information, data and documents. Electronic copies of these documents will be saved and the records will be retained for a period of at least eight (8) year years from the time the complaint was resolved.