Why does Kiro Management Limited have a Complaints Procedure?
The Financial Service Providers (Registration and Dispute Resolution) Act requires all financial service providers (FSP) to be registered, to be members of an approved external dispute resolution scheme and to have a compliant internal complaint process.
But legislation is not the only reason that we have a complaints procedure. It is best practice for any client servicing business which relies on client retention and referral to others, to have a complaints procedure. The best result for any complaint is quick resolution and this is facilitated by having a robust process in place for handling complaints and attending to client concerns.
In the first instance please contact your Kiro Management Limited broker:
Jo Kiro (FSP89462), is a Financial Adviser of Kiro Management Limited, and her contact details are:
Phone: +64 21 117 1224
What is a complaint?
According to the International and Australian Standard AS ISO 10002, a complaint is defined as:
An expression of dissatisfaction made to an organisation, related to its products, or its complaints-handling process itself, where a response or resolution is explicitly or implicitly expected.” (“Product” also means “Service”).
While many of the complaints received by an insurance broker are often targeted at the insurer and their handling of the policy or claims transaction, there are still common areas of dissatisfaction which clients complain about and these range from severe breaches to low-level gripes. They may include (but are not limited to):
- Delayed response to client communications
- Inadequate response to client communications
- Lack of follow-up on claims progress
- Amount of Broker fees charged
- Incorrect coverage placed or errors made when processing a transaction – e.g. incorrect excess applied
- Delayed renewal terms or terms not received until after the due date
- Failure to place cover which may or may not have resulted in client financial loss
- Dishonesty or misrepresentation
This list is by no means exhaustive, but as a client service professional, Kiro Management Limited, takes note whenever clients voice concerns about our handling of their account.
Levels of complaints
Level 1 Complaint:
These are complaints which are less complex, do not require lengthy investigation, and are unlikely to result in financial loss to the client. For example, a client complains that they have not received a progress report on a claim lodged a month ago, or that the excess quoted on their invoice schedule does not match what has been sent to them in the policy schedule.
In this case, Kiro Management Limited immediately acknowledge the client’s concern in writing, or verbally followed up by a letter within 5 working days, if no email address is provided. Kiro Management Limited, then we aim to turn this type of complaint around within 24 hours.
Level 2 Complaint:
A Level 2 Complaint is a complaint that cannot be resolved within 24 hours as it requires research into the cause and time to gather all the details. It may require lengthy discussion and potential negotiation with insurers and the client.
Kiro Management Limited will immediately acknowledge the client’s complaint in writing attaching our Complaints Policy and advise that we are investigating this complaint and will attempt to have the complaint resolved within 20 working days. Kiro Management Limited then conducts the necessary investigations, ensuring that every conversation is fully documented and retained in a complaint file specifically for this client. This also means that all information is kept in one place should the complaint escalate. Once the complaint is resolved we ensure that it is included in our annual review of complaints to ensure that we are monitoring possible trends and improving processes in the affected areas.
Sometimes no matter how compassionately and comprehensively we manage a complaint, the client will wish to take the matter further and they are entitled to do so if the complaint remains unresolved for a certain length of time. This type of complaint is then referred to a dispute resolution service.
Guidelines can be found at:
FSCL – http://www.fscl.org.nz/complaints/how-make-complaint
FDR – https://fdrs.org.nz/complaints/the-process
(FDR is the Reserve Scheme set up under legislation to which all advisers contribute a levy).
It is important to record complaints made by a client, not only to monitor common occurrences to ensure that internal processes and staff are working effectively, but to ensure compliance with the Registration and Dispute Resolution Act. This record, called ‘Complaints Register’, is retained in a safe place accessible only to Kiro Management Limited, management staff, who are responsible for keeping this updated and who conduct an annual review of register.
How we strive to manage complaints effectively
All complaints are acknowledged by Kiro Management Limited immediately in writing, or verbally followed up by a letter within 5 working days, if no email address is provided. Then where applicable, our Complaints Policy is sent to the client.
Kiro Management Limited endeavours to provide an unbiased and efficient response to all complaints, no matter how big or small and no matter who is at fault.