You are probably fully aware that Non-Profit Organisations need access to people, resources and institutions to operate and deliver services to their clients. One critical service needed is financial services. In this post I will share a method which can assist you with resolving time consuming complaints and saving on legal fees.
Just like Governments and Businesses, Civil Society Organisations utilise financial services everyday. Such financial services include Banking, Insurance, and Real Estate. From time to time you may experience poor service which results in loss to your organisation. In order to address these issues you must know which body regulates the financial services provider. If you do not know which institution regulates them then just ask them. Banking, Insurance, Investments and Real Estate services should be regulated in all developed economies. For example, Banking in The Bahamas is regulated by The Central Bank of The Bahamas, Insurance in Canada is regulated by federal and/or provincial regulators. In Ontario, Canada insurance is regulated by Financial Services Regulatory Authority of Ontario. Investments in the United State of America is regulated by the US Securities Exchange and Commission, and the National Trading Standards Estate Agency Team regulates estate agency work in the United Kingdom and letting agency work in England.
So if you have an issue for example at an insurance company then you should follow the following steps:
- Written complaint – if a verbal complaint does not resolve your issue with the Customer Service Officer then submit a written complaint to the branch manager of the financial services institution. Of course you should include as much relevant detail as possible in your letter e.g. account name and number, date of the poor service and the impact on your organisation or business. If possible then include a copy of the receipt or transaction. If you do not receive a reply after five working days then send a follow-up letter. If you do not receive a reply within three more working days then take the next step.
- Complain to Regulator – contact the relevant regulator and submit a written complaint following the complaint process of the regulator. Regulators have different complaint processes which are normally set out on their websites. Follow the steps as set out. If no timeframe is given for a reply then follow the five plus three working day rule in the first step above. If you receive no reply from the regulator then take the next step.
- Targeted follow-up with Regulator – call the regulator and follow-up with the Manager responsible for complaints (if you are given an email to contact the Manager then use email instead of a phone call but maintain the same timeframe). When doing so ensure that you have a copy of your complaint letter and follow-up along with the dates you submitted them or make reference to them if asked to send an email to the Manager. If you are not able to reach the Manager on your first call then call again three days later. If you are not able to reach the Manager during your follow-up then take the next step (make a note of the days you called for or tried to reach the Manager) .
- Targeted follow-up with Executive Management – call the Regulator and ask for the person who answers directly to the Board of Directors for the day to day operations of the regulator. This maybe a Governor, Superintendent or Executive Director. Once you reach that office indicate that you need the Governor’s assistance with reaching the Manager and share which steps you have already taken to reach the Manager. Please mention the complaint, and the follow-ups (written and verbal) already made.
Following these four steps can be very effective. I have worked seven years with three financial services regulators in two countries. From my experiences taking these steps always result in your complaint being address. To help yourself you should make a written complaint and follow-ups if necessary. Naturally you should retain copies of all letters of complaint in a form that is easily retrievable and shared. If you are able to follow these steps and the recommendations then you will assist the financial service provider and/or the regulator with addressing your compliant as promptly as possible.
All the best and do well.
Please feel free to direct any questions or comments to Kean Smith at kean@smithkas.com