Complaints Procedure

Complaints must be in writing and addressed to the:

Compliance Manager
Institute of Financial Advisers
PO Box 5513
Wellington 6145

The following information should be provided

Name and contact details of the complainant
Name of member against whom the complaint is directed
A brief description of any alleged misconduct – it is essential that the alleged misconduct is related to the Institute's Code of Ethics
Whether the member has been formally notified of the complaint and any response received
Whether the complaint has been referred to any other regulatory body or government authority or whether legal proceedings have commenced.

The complaint is recorded in the Institute's complaints register.

The Compliance Manager will:

acknowledge receipt of the complaint in writing to the complainant within 21 days
keep a record of progress of the complaint
supply a copy of the complaint and supporting documentation to the member seeking an explanation from them
if the member’s explanation does not satisfy the complainant, refer copies of the complaint and any correspondence to the Complaints Committee.

Before referring to the Complaints Committee a preliminary review is carried out by the Compliance Manager.

Depending upon the findings of the preliminary review, a formal investigation into the allegations will be made by the Complaints Committee. It is normal practice for each party to the complaint to receive a copy of submissions made by the other party.

If the formal investigation shows that there are sufficient grounds for taking disciplinary action then a charge against the member is formulated. The charge arising from the complaint is heard either by the Complaints Committee or the Disciplinary Committee. Both Committees have the power to make decisions as set out in the Institute’s Disciplinary Bylaws.

PLEASE NOTE :

The complaints process does not provide for monetary compensation as it is a disciplinary process.
Some complaints progress quickly, however in many cases it can be a lengthy process.
We recommend that all parties to a complaint keep a copy of their submissions until the process has concluded.
In responding to a complaint a member may need to provide personal information regarding the complainant to the Institute.