Feedback & Complaints

Complaints Policy and Procedures

COG Aggregation Pty Ltd and the Platform Finance Group and its controlled entities (together, the “Group”)

Date Issued: August 2023
Version No. 2
Document control: Risk and Compliance Manager, COG Broking and Aggregation

 

Introduction

As an Australian Credit Licensee (ACL) we must, by law, have an internal dispute resolution (IDR) framework with appropriate systems and processes in place to deal with consumer complaints. We also must have membership of the Australian Financial Complaints Authority (AFCA). AFCA is an external dispute resolution (EDR) body to deal with complaints that cannot be resolved by us internally. The Australian Securities and Investments Commission (ASIC) is responsible for administering these processes.

Purpose of this Policy

The purpose of this Policy is to set out how the Group manages complaints regarding the conduct of and service provided by employees of the Business and brokers engaged by the Business. The Business refers to any of:

⦁ Platform Consolidated Group Pty Ltd

⦁ Consolidated Platform Aggregation Pty Ltd;

⦁ Melbourne Finance Broking Pty Ltd;

⦁ Platinum Direct Finance Australia Pty Ltd;

⦁ Platform Auto Finance Pty Ltd;

⦁ Mildura Finance Pty Ltd;

⦁ Consolidated Finance Group Pty Ltd

Review and updates of this policy

The Complaints Policy will be reviewed and updated regularly following any identified failure of our Internal Dispute Resolution systems and processes, legislative or regulatory changes and suggested improvements.

We will also review the annual Australian Financial Complaints (AFCA) reports to identify emerging trends and causes of complaints and review our various policies and procedures accordingly.

Any material changes will be advised by management either via email, posted via the Intranet or at our Staff meetings.

Scope

This Complaints Policy applies only to the following three categories of complaints:

1. Complaints concerning the conduct of employees and-sub contractors of the Group.
2. Complaints concerning the conduct of any brokers who are authorised credit representatives (ACRs) of any of the Groups Australian Credit Licenses and that relate to credit products regulated by the NCCP Act
3. Complaints concerning the conduct of any brokers who hold lender accreditations under one of our aggregation sponsoring Group entities and that do not relate to credit products regulated by the NCCP Act. (i.e. commercial products and activities)

Where there is a complaint concerning the conduct of brokers who hold their own Australian Credit License, the complaint will be handled through the brokers own ACL IDR process. The Risk and Compliance Manager may provide guidance and support if required.

 

What is a complaint?

A complaint is defined as “an expression of dissatisfaction made to or about an organisation—related to its products, services, staff or the handling of a complaint—where a response or resolution is explicitly or implicitly expected or legally required”.

A response or resolution is ‘explicitly expected’ if a customer clearly requests it, e.g. “I still haven’t received my loan documents. I want you to find out when it was sent and provide me with a copy today.”

A response is ‘implicitly expected’ if the customer raises the expression of dissatisfaction in a way that implies the consumer reasonably expects you to respond and/or take specific action, e.g. “The last person I spoke with in your office said they would get back to me and I still haven’t heard from them.”

A customer is not required to expressly state the word ‘complaint’ or ‘dispute’, or put their complaint in writing, to trigger our obligation to deal with a matter as a complaint.

Customers usually have a complaint when they feel that their expectations have not been met, and they have been let down by us. This can be due to a variety of reasons, such as the information provided when the product or service occurred does not match what has been provided, bad customer service, or even misleading information.

Our customers have the right to complain about products and/or services purchased, and to have that complaint dealt with.

Complaints can provide us with valuable feedback about products and/or services being offered. It gives us the opportunity to assess the impact on the market of certain products and/or services. Effective handling of complaints contributes to the improvement of services and products of the Business. Specifically the cause and extent of all complaints is to be included as a critical input into the annual business planning process.

The Head of Risk and Compliance is responsible for the day-to-day implementation of this Policy however the Responsible Manager(s) retains ultimate responsibility for the effective handling of complaints and ensuring the effective application of our complaints handling procedures.

All staff and Authorised Representatives must be familiar with and comply with this Policy, understand the importance the Business places on the effective operation of our Policies and are encouraged to look for and suggest improvements to our standards and procedures.

 

What is not a complaint?

Where a response is not expected

A complaint is not comments made about an employee of the Business or brokers engaged by the Business where a response is not expected. Such as feedback provided in surveys or communications intended solely to bring a matter to an employee or brokers attention (e.g. a broker being advised that their website has out of date content).

Where it is query

A query is a request for information or clarification. It is a question that the customer has, which they need answered generally prior to us providing services to them. Customers usually raise a query when they need more information about a product or service.

This can be due to a variety of reasons, such as not understanding the features of the product, needing more information about the pricing, or even wanting to know more about the financier or us. A query can generally be answered easily, and the client indicates that they are happy with the answer to their query. A query is not a complaint.

Important to note however that a query can lead to a complaint, or a complaint can start out as a query. If a customer has been moved to ask questions or query something that they are not happy about, we should consider this to be a complaint and handle the customer’s question or query as a complaint.

Understanding the difference between a query and a complaint is important as both are handled in different ways.

Avoiding Complaints

Although this policy has been designed to provide guidance in the event of a dispute the Business aims to avoid disputes.

The following suggestions will help us avoid disputes:

⦁ Ensure that you clearly understand what it is that the customer requires you to do for them.

⦁ Document and confirm in writing all commitments you make to the customer.

⦁ Do not make service promises or commitments to customers that the Business is not able to meet. Honesty is the best policy.

Complaints Handling Principles

In developing the IDR procedures detailed below and in applying them to individual complaints received the following principles have been adopted as critical to the effectiveness of the process.

COMMITMENT

The senior management of the Business has a commitment to a fair and efficient resolution of complaints received. Customers have a right to complain and have their concerns addressed and rectified.

FAIRNESS

Our process will be fair to both the customer and the Business.

RESOURCES

There shall be adequate resources for complaints handling with sufficient level of authority to quickly resolve the matter.

VISIBILITY

Our complaints policy is to be well publicised to customers and staff and shall include information to consumers about the right to complain

ACCESS

We must ensure that the Internal Dispute Resolution process is accessible to all, and information is readily available on the details of making and resolving complaints.

ASSISTANCE AND INFORMATION

We will provide all reasonable assistance to customers in the formulation and lodgement of their complaint.

We will only ask for and take account of relevant information in considering a complaint.

We will seek access to information that we have relied on in assessing the complaint.

We will provide the customer with access to the information requested except in special circumstances, such as where this would breach any laws (e.g. Privacy) or prejudice us in relation to the complaint.

If we are not able to provide information requested by the customer, we will explain the reasons for this.

We will not require the customer to first make their complaint in writing

RESPONSIVENESS

All complaints shall be dealt with quickly and the customer treated courteously.

CHARGES

Subject to statutory requirements, there are no charges or fees to the customer for having a complaint dealt with under our procedures.

REMEDIES

The people involved in handling a complaint must have the necessary authority and capacity to determine and implement remedies.

We will immediately initiate action to correct any identified error or mistake in dealing with the complaint.

DATA COLLECTION

We will use a formal documented process for the systematic recording of complaints and their outcomes.

SYSTEMIC AND RECURRING PROBLEMS

All complaints shall be classified and analysed for the identification and rectification of systemic and recurring problems.

EXTERNAL DISPUTE FACILITIES

All businesses must be members of the Australian Financial Complaints Authority (AFCA).

Where our procedures would appear to not be consistent with or in a given set of circumstances the outcomes of our procedures are inconsistent with the above principles, we will undertake to review our procedures.

 

Internal Dispute Resolution (IDR) Procedure

Action upon receipt of complaint

Receiving a customer complaint can be daunting and stressful, especially if things escalate quickly. But there are ways to turn things around. By adopting a number of simple behavioural techniques a complaint can be handled well and may be effectively resolved to the customers complete satisfaction. Therefore, upon receipt of a complaint, we advise that you:

Stay Calm

It is important that you stay calm and don’t take the complaint personally, it is not a personal attack. Often, a customer complaint will highlight an area that we can improve within our business. Empathise with the customer and be courteous. Avoid laying blame or being defensive and do not create false expectations. You will make good progress and satisfy your customer’s needs if you approach the problem with a calm state of mind.

Listen

If a customer comes to you with an issue, it means that they want to be heard. Even if the issue seems trivial to you, it clearly has some significance to them because they are taking their time to talk with you.

Active listening techniques should be used with all customers. This includes asking open-ended questions to encourage further responses, paraphrasing and reflecting back what has been said, listening to understand rather than to respond and withholding judgment and advice.

Don’t assume that you know what the customer wants or needs, and don’t dismiss them as trivial either. Hear them out and pay close attention to what they’re saying. When frustrated, people can have difficulty expressing their concerns or what they need from you to make them happy. Allowing your customer to talk will give them time to calm down. Often, you can resolve an issue just by listening to your customers and allowing them to vent.

Ask Questions

After you’ve listened to your customer’s complaint, take the initiative and get all the facts and details of their complaint by calmly asking questions for clarification. Start a genuine conversation with your customer. Between being kind, listening and acknowledging their concerns you will have started gaining your customer’s trust. However, it is imperative that you do not ask questions that your customer has already answered. Making them repeat themselves can make your customer feel like you weren’t listening in the first place.

It is important to canvas with the customer the remedies that the customer would like to see to resolve the complaint. Be mindful not to commit to any proposed solution that may resolve the issue at this stage. You are at this stage merely collecting the facts to investigate the matter and respond in due course.

Where reasonable it is good practice to confirm the full details of the complaint in writing with the customer.

Endeavour to Resolve

Once you have all the information in relation to the complaint you must endeavour to resolve the complaint immediately or within 5 business days of receiving the complaint. We may close a complaint by the end of the fifth business day if we have:

⦁ Resolved the complaint to the customer’s satisfaction; or

⦁ Provided the customer with an explanation and/or apology should we be unable to take any further action to reasonably address the complaint.

If we are able to close a complaint within 5 business days per above, we are not obligated to provide a written response within 30 days (unless the customer requests a written response). You must obtain confirmation from the customer (verbally or in writing) that they are satisfied with the action(s) taken by you in response to the complaint and do not wish to take the matter further.

If you are an employee of a licensee or brokerage business handling a complaint and believe you have resolved the complaint, you must advise your Team Leader/ Direct Manager of the complaint via email and the reasons you believe the complaint has been resolved. If the complaint has not been resolved to the satisfaction of the Team Leader/Manager or cannot be resolved by you, the Team Leader/Manager is responsible for handling the complaint and can engage the Risk and Compliance Manager to assist in resolving the complaint within the 5-business day period.

NOTE: For all complaints, including those that you are endeavouring or able to resolve with the customer immediately and within 5 business days, you must advise the Risk and Compliance Manager at compliance@platform.com.au.

All complaints will be recorded on the Groups Complaint Register by the Risk and Compliance Manager for tracking, reporting and business improvement purposes. All correspondence to and from the customer and any other parties involved will be filed within the Complaint Register and/or the Compliance Complaints (cases) folder.

Complaints not resolved within 5 business days

If a complaint is unable to be resolved within 5 business days as per the above:

⦁ advise the customer that the complaint is to be referred to the Risk and Compliance Manager;

⦁ provide the customer with the Risk and Compliance Manager name and full contact details; and advise the customer that the complaint will be followed up and expected to be resolved within thirty (30) days.

Next Steps

When a complaint has been escalated or referred to the Risk and Compliance Manager for handling the following procedures will be observed:

1. As part of the IDR process you and/or your staff will assist by recording or noting any actions taken, documents or emails collected and/or received by you in relation to the complaint and forwarding these to the Risk and Compliance Manager. This will aid and form part of the investigation into, and assessment of, the complaint.
2. The Risk and Compliance Manager will oversee all aspects of the complaint. This includes:
   • Responding and liaising directly with the customer, including keeping the customer up to date with the progress of their complaint
   • Investigating and assessing the complaint.
   • Determining recommendations for resolving the complaint.
3. When the Risk and Compliance Manager has concluded the investigation and in conjunction with the Responsible Manager(s), we will present our findings and recommendations to all relevant stakeholders. We will consider all available information before making a determination or recommendation in relation to a particular complaint. Possible remedies for complaints can include, but are not limited to:
   • An explanation of the circumstances giving rise to the complaint
   • An apology
   • Provision of assistance and support
   • A refund or waiver of a fee or charge
   • A goodwill payment
   • A payment of compensation
   • Correcting incorrect or out-of-date records
   • Changing the terms of a contract
   • Ceasing legal or other action that may cause detriment
   • Undertaking to set in place improvements to systems and procedures
   • A waiver of a debt
4. Where there is a potential financial loss associated with the complaint and it is agreed that an ex-gratia or compensation payment is to be offered to the customer, we will need to contact our Professional Indemnity Insurer and advise them of a possible claim.
5. Once agreement is reached on the final determination or recommendation about a particular complaint, the Risk and Compliance Manager will forward our response to the customer (in writing) no later than 30 calendar days of having received the complaint. Our response to the complaint will include:
   • An overview of the facts of the complaint, identifying all the issues made by the customer.
   • Our assessment of those issues, setting out our findings on material questions of fact, and referring to the information that supports those findings.
   • Our recommendation or determination of the complaint, providing sufficient detail for the customer to understand the basis of the decision, and to be fully informed when deciding whether or not to accept the recommendation or determination.
   • The customer’s right to take the complaint to AFCA if they are not satisfied with our response or if we have not provided our response within 30 calendar days along with the contact details for AFCA, as per the wording below:
     • You should be aware that because this is our final decision, should you wish to pursue this matter further by taking it to the Australian Financial Complaints Authority (AFCA), you should do so within 2 years of the date of this letter.
     • AFCA is an independent external dispute resolution body approved by the Australian Securities and Investments Commission. We are a member of this body, and we agree to be bound by its determinations about a dispute.
     • AFCA can be contacted as follows:
       Tel: 1300 931 678, via email at info@afca.org.au or online at www.afca.org.au
   • If the recommendation or determination requires an ex-gratia or compensation payment to be offered, a Deed of Settlement and Release Agreement will accompany the response.
6. Where our response times are affected because resolution of the customers complaint is particularly complex and/or circumstances beyond our control are causing delays, we will, before the expiration of the 30-day response time, give the customer an ‘IDR delay notification’ that informs the customer of:
   • The reasons for the delay.
   • Their right to complain to the Australian Financial Complaints Authority (AFCA) if they are dissatisfied; and
   • the contact details for AFCA.

In conjunction with the Responsible Manager(s), Head of Risk and Compliance will conduct a review of the cause of the complaint and review and amend as necessary, all relevant business policies and procedures to ensure that complaints do not reoccur.

If the review of the complaint indicates a Compliance Breach as set out in our Breach Reporting Policy the matter is to be entered into the Compliance Breach Register and reported accordingly.

External Dispute Resolution (EDR) Procedure

Australian Financial Complaints Authority (AFCA)

The AFCA is an external resolution body that is governed by a set of Rules approved by ASIC, in accordance with the requirements of the Corporations Act 2001 (Cth) and are available at www.afca.org.au.

It is a regulatory requirement that ACLs be members of an approved external resolution body. As members of AFCA we must make information about AFCA available to customers and also provide information about our IDR process.

We will include the following permanent phrase on our websites where relevant:

• Customers who are not fully satisfied with our services should contact our Complaints Officer at compliance@platform.com.au. We are also members of the Australian Financial Complaints Authority (AFCA) a free consumer service. Further information is available at www.afca.org.au

We also comply with and require our brokers to comply with the Commercial and Asset Finance Brokers Association of Australia (CAFBA) Professional Standards and the Finance Brokers Association of Australia (FBAA) Code of Conduct as applicable.

What happens if the dispute goes to AFCA?

If a customer is dissatisfied with either our response and/or IDR process or if we have not provided our response within 30 days, the customer may take their complaint to AFCA.

The Risk and Compliance Manager will then:

• provide full co-operation to AFCA including the timely provision of all information and documentation required;
• implement any determination made by AFCA; and
• if the complaint is caused by the conduct of an employee, an Authorised Credit
  Representative and/or accredited broker, in conjunction with the relevant General Manager for the Business, determine what action if any will be taken.

What happens if a customer contacts AFCA before going through our IDR process ?

If a customer lodges a complaint directly to AFCA in the first instance before going through our IDR process, AFCA will notify and refer the complaint back to us to work directly with the customer to reach a resolution within 30 days in accordance with our IDR process. If the complaint is not able to be resolved, we will provide our response to AFCA.

AFCA provides free advice and assistance to customers to help them in resolving complaints relating to members of our industry. However, AFCA requires customers to try to resolve their complaints against licensees and/or its authorised credit representatives directly with the licensee before referring the matter to AFCA and will not attempt to resolve a complaint until all options under our IDR process have been exhausted.

Under AFCA’s terms of reference, we are required to notify customers that if they are dissatisfied with the outcome of our IDR process, they have the right to seek a review through AFCA.

Further details of AFCA’s resolution process can be found on their website: www.afca.org.au