Complaint Handling Procedure

1. Process Overview

The table below provides a summary of the seven-step complaint handling process:

2. Step 1 – Receive and Classify

Ensure that all potential issues are captured by Compare Your Funding and classified for escalation, review, and action as required.

Any complaint, issue, or negative customer interaction – whether formally logged by the customer or not – must be logged and classified for action.

The FCA defines a complaint 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."

When handling complaints, the business should:

• Send the customer a prompt written acknowledgement, or a Summary Resolution Communication if the complaint can be resolved within three business days
• Keep the customer reasonably informed about the progress of their complaint
• Send the customer a final response

3. Step 2 – Acknowledge

Ensure that every complaint receives a formal written acknowledgement, containing an indication of when a response will be provided and the name of the person dealing with it.

All complaints, regardless of priority, should receive a pro forma acknowledgement sent via email on the day of receipt.

All complaints will be acknowledged within five working days of receipt. The acknowledgement will confirm:

• That the complaint has been received and logged
• The name of the person responsible for handling the complaint
• The expected timescale for a full response

4. Step 3 – Investigate

Follow up all aspects of the complaint, both internal and external, to ensure that the key facts are identified and clarified.

All complaints will be investigated in a timely manner. All areas of interaction and communication should be established (who, what, where, when, and why) and documented where possible.

5. Step 4 – Resolve and Confirm

Ensure that the final response letter is clear and fair, confirms the proposed action and resolution, and meets FCA DISP rules and guidelines.

When resolving complaints, the following steps should be taken:

• Ensure that the proposed resolution meets FCA DISP rules and guidelines and does not unnecessarily prejudice Compare Your Funding in any legal or financial manner
• Document the proposed action
• Review the solution from both the corporate and customer viewpoint to ensure fairness and clarity
• Ensure the complaint has been investigated fully and resolved fairly

The review should include recognition and documentation of any underlying issues that have contributed to the complaint, along with recommendations for actions to prevent further occurrence. This data will be used for root cause analysis to remedy any recurring or systemic problems and to prevent a breach of Consumer Duty.

6. Step 5 – Respond to the Customer

Provide the customer with the resolution within the timescales promised.

The details of the findings and proposed resolution should be clearly explained – in written or verbal form as appropriate – to the customer within the agreed timescales.

If the complaint is resolved by close of the third business day, a Summary Resolution Communication will be sent. This is a written communication which:

• Refers to the fact that the complainant has made a complaint and informs the complainant that the respondent now considers the complaint to have been resolved
• Tells the complainant that if they subsequently decide they are dissatisfied with the resolution, they may be able to refer the complaint to the Financial Ombudsman Service

If the complaint cannot be resolved within three business days, the customer must be contacted to provide an update and informed in writing that Compare Your Funding will provide a final response within eight weeks.

7. Step 6 – Cooperating with the Financial Ombudsman

Ensure full cooperation with the Financial Ombudsman Service where a complaint is escalated.

Where a customer remains dissatisfied following the final response, they have the right to refer their complaint to the Financial Ombudsman Service (FOS). Compare Your Funding will cooperate fully with any investigation undertaken by the FOS, providing all relevant documentation and information in a timely manner.

8. Step 7 – Management Information and Data

Ensure that Compare Your Funding is aware of complaints and any underlying issues or systemic causes, and plans actions to mitigate these and prevent future recurrence.

All complaints should be reviewed on a quarterly basis. Root cause analysis should be conducted, and steps taken to remediate issues and prevent recurrence. This process may identify weaknesses in the firm's governance, systems, controls, and risk management framework.

Remedial action will tackle the root cause and act as a continuous improvement process to address customer detriment and support fair customer outcomes.