Introduction

Customers will be informed of the contact details for making a complaint but any expression of dissatisfaction about our service will be treated as a complaint.

We will investigate all complaints competently, diligently and impartially.

Once a complaint is received, we will review all the facts and will speak to all individuals involved. Findings will then be recorded along with any recommendations and the outcome will be communicated back to the customer in writing.

Warren Badger is responsible for managing complaints.

Policy Statements

A complaint is defined as:

“any oral or written expression of dissatisfaction (whether justified or not) about the provision of, or failure to provide, a financial service (or a decision by a firm in relation to a consumer redress scheme). Generally, the complaint must allege that the complainant has suffered (or may suffer)financial loss, material distress or material inconvenience. In some cases, the complaint must also relate to an activity that comes under the jurisdiction of the Financial Ombudsman Service (FOS).”

Complaint Handling Summary

• Upon the receipt of a complaint we will issue a written acknowledgement. This will explain the option of approaching the Financial Ombudsman Service if the customer is dissatisfied with our response.
• We aim to resolve all complaints either immediately on receipt or within seven working days.
• We aim to issue a final response within eight weeks of receipt of the complaint.
• Where possible and in the customer’s interests, we will aim to resolve the complaint within three business days. In this case, following DISP 1.5.4, we will issue a Summary Resolution Communication including appropriate references to the Financial Ombudsman Service.
• If unable to make a final response within the eight weeks, we will send the customer a letter to explain why a final response could not be made and indicate when it is expected to provide you with one. We will advise the customer that they have the right to refer to the FOS.
• Our final response letter will set out whether or not we uphold the complaint and the reasons why. We will explain in a clear way the assessment of the complaint, the decision made and offer any remedial action or redress.
• The customer will be informed if she/he is unhappy with the decision she/he has the right to refer the complaint to the Financial Ombudsman Services within six months.
• We will maintain a log of all complaints showing dates and how they are resolved. We will retain this for at least three years from the date the complaint was received.

Equipment Merchantability Complaints

Many complaints that are made to asset finance brokers concern the merchantability of the equipment being financed. This is not our direct responsibility under the consumer credit law, but our broking agreement with the lender may require us to deal with the equipment supplier to attempt to resolve the issue.

Complaint Management

In order to meet regulatory expectations in respect of Complaint Management Percy Finance operate a three-tiered approach.
Tier 1 (not reportable to FCA) – The complainant is dissatisfied however there has been no indication of financial loss, material inconvenience or material distress. The concern will be recorded as a Tier 1 Complaint and will be acknowledged and resolved at point of contact.

Tier 2 (reportable to FCA) – The complainant is dissatisfied and there is a suggestion that the complainant has, or may suffer financial loss, material distress or material inconvenience. The complaint will be acknowledged at point of contact and where the complaint can be resolved within 72
hours, and the complainant has confirmed acceptance of our resolution, a Summary Resolution Letter will be issued within 5 days of resolution.

Tier 3 (reportable to FCA) – The complainant is dissatisfied and there is a suggestion that the complainant has, or may suffer financial loss, material distress or material inconvenience. The complaint will be acknowledged in writing within 5 working days of receipt and where it cannot be resolved within 72 hours. A Final Response (FR) will be issued. All Final Response letters must meet the FCA definition in DISP 1.6 and as set out below.

Percy Finance will ensure all final response communications are sent to the complainant within 8 weeks from the receipt of the complaint and adhere to DISP 1.6.2 R, specifically:

• The FR will be in writing and confirm the outcome of the complaint as one of the following:
  • Accept with redress or remedial action as appropriate
  • Reject with redress or remedial action as appropriate
  • Reject, however reasons must be clearly provided
• Provide the right to refer the complaint to Financial Ombudsman Service (FOS)
• Provide the time limit for referring to FOS (DISP 2.8.2 for 2.8.7 R) using the wording outlined in DISP 1 Annex 3R
• Provide the website address and the availability of information on the FOS website

If a complaint cannot be resolved within 8 weeks, we will ensure a FR is sent to the customer explaining why we are unable to make a final response, when a response is expected and provide appropriate FOS rights & information.
Under DISP 1.7 Percy Finance are required to forward on complaints to another respondent if we consider the other party to be jointly or solely responsible for the matter alleged in the complaint. Where there is joint responsibility, we will advise the customer via the acknowledgment to the complaint which elements will be responded to by us, and which by the other party.

Confidentiality

Complaints will be handled with discretion and access to information about individual investigations will only be shared with those who have a legitimate access requirement. In determining access requirements we will have regard to the legislative requirements such as data protection legislation and freedom of information legislation. In general, under our Privacy Policy we will be able to, and should, keep lenders informed of any relevant complaints and their resolution.

Legal and Regulatory Background

Percy Finance is required to comply with a broad range of regulation and legislation in relation to customer treatment and ensuring employee competence. This includes but is not limited to the following;

• FCA Handbook – DISP – Dispute resolution: Complaints
• PRIN 2.1.1 – 1 Integrity – A firm must conduct its business with integrity
• PRIN 2.1.1 – 6 Customer’s interests – A firm must pay due regard to the interests of its customers and treat them fairly
• ICO – Data Protection Act 2018 and the General Data Protection Regulation (GDPR).
• DISP 1.9.1R. All data relating to complaints will be held for a period of three years post completion in line with regulatory record keeping requirements.
• Consumer Duty PS22/9 & FG22/5: A Consumer Principle that requires firms to act to deliver good outcomes for retail customers. The cross-cutting rules set out by the Consumer Duty oblige firms to: Act in good faith towards retail customers, Avoid foreseeable harm to retail customers and Enable and support retail customers to pursue their financial objectives

Learning

Upon completing the investigation of a complaint, we will conduct a root cause analysis of the complaint to ascertain the cause of the complaint and the risk of that cause reoccurring.

Complaints Procedure

We provide the following information in our Pre-Contract Disclosure given to all new customers:
In the unlikely event that you have a complaint about our service, please contact us:

• In writing: Clinton House, High St, Coleshill B46 3BP
• By telephone: 01675 624901
• Email: enquiries@percyfinance.co.uk

We will acknowledge your complaint within five working days. We aim to resolve complaints within two weeks and to provide a final response to all complaints within four weeks.
If you are not satisfied with our response to your complaint, you may be able to refer the matter to the Financial Ombudsman Service (FOS). This applies to consumers and most small businesses. Details of which businesses can use the service are available at https://sme.financialombudsman.org.uk/complain/can-help.

You must contact FOS within six months of the date of our final response letter to you.
They can be contacted in the following ways:

• Post: Financial Ombudsman Service, Exchange Tower, London, E14 9SR
• Telephone: 0300 123 9 123
• E-mail: complaint.info@financial-ombudsman.org.uk
• Website: financial-ombudsman.org.uk