Complaints Policy

Kanan Wealth is an authorised financial services provider (fsp 36443). Kanan Wealth offer services in support of financial wellness.

Frequently Asked Questions

1. Purpose

The FAIS General Code of Conduct requires that a financial services provider (FSP) must establish, maintain and operate an adequate and effective complaints management framework to ensure the effective resolution of complaints and the fair treatment of complainants.

Treating Customers Fairly (TCF) Outcome 6 provides that “Customers do not face unreasonable post-sale barriers imposed by firms to change a product, switch providers, submit a claim or lodge a complaint”.

This document provides a complaints procedure in conformance with legislative expectations and sets out the process that Kanan Wealth will follow in order to resolve the complaint.

2. Objectives

The objectives and key principles of Kanan Wealth’s Complaints Management Framework is:

The Complaints Management Framework sets out the approach that Kanan Wealth is taking to manage complaints in order to mitigate business and client risks and to achieve compliance with the FAIS Act and subordinate legislation. Kanan Wealth is committed to ensure that appropriate measures are in place to enable Kanan Wealth to investigate and resolve any complaints received with due regard to the fair treatment of customers.

The Complaints Management Framework aims to assist our staff to apply a consistent, high-quality, fair, and accountable response to complaints.
All complaints will be treated in line with the overall regulatory requirements and Treating Customer Fairly outcomes.

3. Key Definitions

The definitions relating to Complaints Management as defined in the FAIS General Code of Conduct as amended on 26 June 2020 are listed in Annexure A.

4 Key Components

The components of Kanan Wealth’s Complaints Management Framework are:
1. Complaints Policy – This policy is captured in this framework document and spells out exactly our policies on complaints.
2. Complaints Process & Register – This illustrates the steps our team and clients should follow when processing complaints.
3. Assigning Responsibilities – Detail in this document, we show who is responsible at each point of the process and for managing the overall framework.
4. Training and Development – All staff are trained and updated on the framework to ensure procedures are followed correctly.
5. Tracking, reporting, and reviewing – Using the register, complaints are tracked and the whole process is reviewed in order to make improvements if need be, to our company and the complaints process.

5 Review

Kanan Wealth undertakes to review its Complaints Management Framework and document the changes thereto on an annual basis, alternatively whenever there are changes in the business that impact the Complaints Management Framework. A Review Register is set out in Annexure B.

Stuart Kantor and Jonathan Henning are responsible for reviewing and updating the Complaints Management Framework.

6. Performance Standards

In order to ensure objectivity and impartiality, Kanan Wealth has the following performance standards and remuneration and reward strategies for complaints management (These are applicable internally and where any functions are outsourced):

At the end of each year complaints are counted and reviewed. Should complaints increase year on year, staff bonuses are impacted. Should staff handle complaints well, while following the framework and processes with integrity, bonuses can be impacted positively.

7. Complaints Process Overview

8. Allocation of responsibilities

8.1 Complaints Management
The board of directors or in the absence of a board, the governing body and key individuals of Kanan Wealth is responsible for the effective complaints management and must:

  • approve and oversee the effectiveness of the implementation of the business
    complaints management framework.

Stuart Kantor and Jonathan Henning are responsible for the effective management of complaints.

8.2 Decision Making
Any person that is responsible for making decisions or recommendations in respect of complaints generally or a specific complaint must:

  • be adequately trained,
  • have an appropriate mix of experience, knowledge, and skills in complaints handling, fair treatment of customers, the subject matter of the complaints concerned and
  • relevant legal and regulatory matters,
  • not be subject to a conflict of interest, and
  • be adequately empowered to make impartial decisions or recommendations.

Stuart Kantor and Jonathan Henning responsible for making decisions or recommendations in respect of complaints received within Kanan Wealth.

9. Categorisation Of Complaints

9.1 Prescribed Minimum Categories
At a minimum, the following categories will be used to categorise complaints:
Complaints relating to –

  • the design of a financial product, financial service, or related service, including the fees, premiums or other charges related to that financial product or financial service,
  • information provided to clients,
  • advice,
  • financial product or financial service performance,
  • a service to clients, including complaints relating to premium or investment contribution collection or lapsing of a financial product;
  • financial product accessibility, changes or switches, including complaints relating to redemptions of Investments,
  • complaints handling,
  • insurance risk claims, including non -payment of claims,
  • other complaints.

9.2 Additional Categories
Kanan Wealth has identified the following additional categories of complaints that is relevant to Kanan Wealth’s business model, financial products, financial services and client base.
1. As it stands, there are no additional categories required.

9.3 Procedure
Kanan Wealth will follow the process below for the appropriate categorisation of complaints.

  1. 1. All complaints should be submitted and referred to the Complaints Officer with the following details:
    a. Website:
    b. Email:
    c. Tel: 021 461 2429
    d. Fax:
  2. Once a complaint is received an acknowledgement of receipt is sent to the complainant including reference to this Complaints Management Framework detailing the process to be followed (within a reasonable time after receipt), including:
    a. contact details of the person/department that will be handling the complaint;
    b. timelines
    c. details of the internal complaints escalation and review process and details of relevant Ombud where applicable

10. Complaints Resolution Process

Please see Annexure B for the Complaints Resolution Process.

11. Representatives and suppliers

Kanan Wealth will follow the process below for managing complaints relating to representatives and service suppliers:

When a complaint is received from a complainant as defined in the Complaints Management Framework, the complaint will be entered into the register and the complainant given a complaint reference number.

The complaint will be analysed and a product type and complaint category will be assigned to the complaint. The accompanying TCF outcome which is affected will automatically populate.

The date of receipt of the complaint MUST BE STIPULATED and its corresponding RESOLUTION DATE to enable the spreadsheet to automatically calculate the turnaround time of the complaint.

The required turn-around times are stipulated in the Complaints Management Framework and could be reviewed in line with legislation or any SLA turn-around times, if any.

Should any complaint pass the required turn-around time, this too will be automatically populated in the spreadsheet but this is, once again, dependent on the date of receipt of the complaint and date of resolution being properly recorded in the register.

When the complaint is resolved the date of resolution must be inserted and the action taken to resolve the complaint.

It MUST be indicated whether the client was satisfied and how that satisfaction is evidenced. This can be done by a courteous email requesting feedback or by means of a survey .

Proof however must be submitted in writing for purposes of evidencing.

Should a client however, not be satisfied, an alternate resolution should be offered to the client OR the procedure followed in terms of the Complaints Management Framework where the recourse to the FAIS Ombud is given to the client, as stipulated.

The alternate resolution offered must be recorded and should the complaint be escalated to a regulator, the spreadsheet enables this to also be recorded.

12. Decisions Relating To Complaints

Kanan Wealth undertakes to ensure that:

  • where a complaint is upheld, any commitment by Kanan Wealth to make a compensation payment, goodwill payment or to take any other action will be carried out without undue delay and within any agreed timeframes.
  • where a complaint Is rejected, Kanan Wealth will provide the complainant with clear and adequate reasons for the decision and inform the complainant of any applicable escalation or review processes, including how to use them and any relevant time limits.

13. Complaints escalation and review process

13.1. Kanan Wealth will use the following process for the escalation and review of complaints: If a complaint needs to be escalated or review, it must be sent to Stuart Kantor or Jonathan Henning withing 24 hours, who will respond with next steps within 48 hours.
13.2. Stuart Kantor and/or Jonathan Henning are responsible for managing the escalation and review process of complaints.
13.3. Where a complaint requires escalation or review, who will it be escalated to?
Stuart Kantor and/or Jonathan Henning
13.4. Complaints may be escalated and/or reviewed in the following instances:

  • Where the complaint is of a complex or unusual nature. In such an instance the initial complaint handler may escalate the complaint.
  • Complainants may escalate complaints that were not resolved to their satisfaction (Complainants must be notified of this).

14. Record keeping, monitoring and analysis

14.1. Kanan Wealth will follow the process below for: record keeping, monitoring and analysing of complaints.

Once the complaint has been put into the register, a file in the clients file on our cloud storage network will be created, where all correspondence and relevant documents will be saved and reviewed. Progress and any new info will be monitored weekly and processed accordingly.

14.2. The monitoring and analysis of complaints will be reported to Kanan Wealth’s Stuart Kantor and/or Jonathan Henning on a bimonthly basis. The report will include:

  • Information on the categorisation of complaints
  • What risks have been identified since the last report
  • What trends have been identified
  • What actions will be taken to manage risks and implement improved outcomes.

14.3. Kanan Wealth will keep records of these reports, monitor changes and consider whether the Complaints Management Framework may need to be adapted in response to the findings.

14.4. Responsible person/s
Michelle dos Santos will be responsible for the recordkeeping requirements.
Stuart Kantor and/or Jonathan Henning will be responsible for the monitoring requirements.
Stuart Kantor and/or Jonathan Henning will be responsible for the analysis requirements.

15. Communication with complainants

Kanan Wealth will ensure that:

  • its complaint processes and procedures are transparent, visible and accessible through channels that are appropriate to the provider's clients.
  • It does not impose any charge for a complainant to make use of complaint processes and procedures.
  • All communications with a complainant will be in plain language.
  • Wherever feasible, it will provide clients with a single point of contact for submitting complaints.
  • The following information is disclosed to a client:
    the type of Information required from a complainant
    where, how and to whom a complaint and related information must be submitted
    o expected turnaround times in relation to complaints
    o any other relevant responsibilities of a complainant
  • within a reasonable time after receipt of a complaint, it will acknowledge receipt thereof and promptly inform a complainant of the process to be followed in handling the complaint including:
    o contact details of the person or department that will be handling the complaint
    o indicative and, where applicable, prescribed timelines for addressing the complaint
    o details of the internal complaints escalation and review process if the complainant is not satisfied with the outcome of a complaint
    o details of escalation of complaints to the office of a relevant ombud and any applicable timeline
    o details of the duties of the provider and rights of the complainant as set out in the rules applicable to the relevant ombud.
  • Complainants will be kept adequately informed of:
    o the progress of their complaint
    o causes of any delay in the finalisation of a complaint and revised timelines,
    o Kanan Wealth’s decision in response to the complaint.

16. Engagement with ombud and reporting

An FSP must:

  • Ensure there is an appropriate process in place for engagement with any relevant
    Ombud concerning its complaints

16.1. Kanan Wealth will follow the process below when engaging with an Ombud:
We will clearly and transparently communicate the availability and contact details of the relevant ombud services to complainants at all relevant stages of the relationship with a client, including at the start of the relationship and in relevant periodic communications. We will display information regarding the availability and contact details of the relevant Ombud services, at the premises and/or on our company website (see annexure C below). We will maintain specific records and carry out specific analysis of complaints referred to your business by the Ombud and the outcomes of such complaints. We’ll monitor determinations, publications, and guidance issued by any relevant Ombud to identify failings or risks in their policies, services, or practices. We will maintain open and honest communication and co-operation between itself and any Ombud with whom it deals; and If there is any complaint, Kanan Wealth will liaise with the Ombud, following up weekly or monthly depending on the urgency. We’ll follow the Ombud’s suggested communication guidelines either telephonically, via online video calls, via email, through their website or face to face should it be required.

16.2. Kanan Wealth will follow the process below when reporting to a designated authority: We’ll follow the prescribed steps as per the act when it comes to reporting complaints to the Registrar or Ombud. We will endeavour to resolve a complaint before a final determination or ruling is made by an Ombud, or through the business’ internal escalation process, without impeding or unduly delaying a complainant’s access to an Ombud.