Introduction
At PAFA Financial Advisory Pte Ltd, we regard customer’s complaints to represent valuable information about recurrent problems. These complaints may point the way to understand the root causes of customer problems and help us in our processes that need improvement.
Our Compliance Department is the independent unit within the company and will assess objectively each complaint by its own circumstances and merits. Compliance will deal with all complaints and feedback promptly within a reasonable timeframe.
Compliance will work towards providing a final response to the complainant within 20 business days. If the case turns out to be of a nature that is complicated or even complex that requires an extension of time, which is likely to take beyond the 20 business days after receipt of the complaint, Compliance will send a request of extension of time to the relevant party.
We will require all complainants to write in formally before any investigations can be carried out.
5 Steps on Handling Complaints
The 5 steps are :
- Receipt of Complaint : When a formal written complaint is first received by the company via the usual channel (email, fax, letter), the complaint will be referred to Compliance. If the complaint is made via a third party, Compliance will comply with the PDPA obligations and shall not discuss the case personal information / data further. Proper and adequate verification including express consent must first be obtained from the customer directly. Compliance will verify and authenticate the identity of the complainant. Once this has been established, Compliance will email an acknowledgement to the complainant within the same day, not later than 2 business days.
- Initial Checks : Compliance will look at the nature of the complaint to determine the facts of each case, and the expected outcomes stated by the complainant. As part of the due diligence process, Compliance will retrieve the relevant documents and review them.
- Interview : Compliance, if appropriate, will conduct the interview with the relevant parties separately and to get further information and verify the facts of the case. The objective is that the process should be seen to be independent, fair, and objective. All concerned parties must cooperate with the Compliance Officer for the duration of the investigation by providing all documents and information to the case. Compliance will attempt to seek a fair resolution to all the parties concerned.
- Review, Report & Outcome : Compliance will assess all the investigation findings in a fair and objective manner and will attempt to conclude the investigation. The results will then be emailed to the complainant.
- Conclusion : Compliance will then wait for the reply from the complainant. If the Complainant is satisfied with the outcome, the Complainant must send a notification to Compliance to close the case.In the event if the complainant does not respond to Compliance after 2 weeks, the case will be closed. Should the complainant wish to appeal, we will inform the complainant on the proper escalation process (include the customer’s right to refer the complaint to Financial Industry Disputes Resolution Centre Ltd (FIDReC).
Oversight of Compliance
The Board and Senior Management shall be responsible for the oversight of Compliance.
The Compliance Officer will keep a central register of all complaints. All complaints will be reported to the Monetary Authority of Singapore (MAS) on a biannual basis.
All staff should note that it is important to report a complaint, potential complaint, or suspected complaint from a customer at any time and may do so initially either in person or by email to the Compliance Department.
Ways to Contact Us
- Contact Number: +65 6028 9882 / +65 6028 9880
- Email Address: Compliance@PAFAdvisory.com
- Address: 51 Goldhill Plaza #16-05 Singapore 308900
Any query or complaint should include, at least, the following details:
- Your full name and contact information.
- Brief description of your query or complaint.
- The outcome you would like out of our investigations.
Changes and Updates
Any changes or updates to this Policy take effect when they are posted on our website.
Please do visit our website periodically.