Complaints Handling & Dispute Resolution Policy
In accordance with its legal obligations, BBP has put in place internal and external dispute resolution systems that comply with the Corporations Act and ASIC Policy Statement 165: Licensing: Internal & External Dispute Resolution.
BBP complies with the requirement to have an external dispute resolution system by being members of the Financial Industry Complaints Service Limited (FICS).
BBP complies with the requirement to have an internal dispute resolution system through implementing and maintaining a Complaints Handling & Dispute Resolution Policy. This Policy is based on the Australian Standard on Complaints handling (AS 4269 – 1995).
The essential elements to the Policy are:
- commitment to efficient and fair resolution of complaints;
- an entitlement of complainants to be heard and informed of BBP’s decision in relation to their complaint;
- free resolution of complaints; and
- accessibility of all staff to the Policy.
In the first instance, BBP treats a communication from a securityholder as an “enquiry” (unless the communication is clearly in the form of a complaint). The party contacted by the securityholder, whether an employee or an agent of BBP, is expected to use their discretion as to whether an enquiry is, or becomes, a complaint.
If a securityholder submits a written or verbal complaint to BBP, then the following process will generally be undertaken:
- the complaint must be referred to the Compliance Manager within 24 hours of receipt of the complaint;
- the Compliance Manager/business line manager (as appropriate) must acknowledge the complaint in writing as soon as practicable, and in any event within 14 days from receipt (such communication must also include details of the resolution processes and the likely response time);
- the Compliance Manager will liaise with the relevant business line manager/officer/other relevant persons to ascertain the circumstances behind the complaint. The Compliance Manager or their delegate has the authority to investigate the complaint and seek to resolve it;
- the Compliance Manager/business line manager (as appropriate) will complete a Complaints Report;
- complaints involving a serious breach, those which may have a negative impact on the reputation of BBP or the Babcock & Brown Group or which may involve compensation to the complainant in excess of $25,000, must be referred by the Compliance Manager to Legal Counsel and the CEO;
- the Compliance Manager and/or the business line manager (as appropriate) must substantially respond in writing to the complainant as soon as practicable, and in any event not more than 30 days from receipt of the complaint; and
- where the complaint is from a retail client of BBP and the complaint has been through the procedures listed above but remains unresolved or is not resolved within the time limits, the Compliance Manager and/or the business line manager must:
a.inform the complainant that they have the right to pursue their complaint with FICS; and
b.provide the complainant with details on how to access FICS.
The Compliance Manager maintains a register of all complaints.