Complaints Management Framework

Complaints Management Framework

1. INTRODUCTION 

1.1 IUX Markets ZA (PTY) Ltd (hereinafter referred to as the “Company”) is an authorised Financial Services Provider (FSP) regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, under FSP licence number 53103. The Company’s registered office is situated at 18 Cavendish Road, Claremont, Cape Town, Western Cape, 7708.

1.2 Declaration of Capacity and Liability: The Company operates strictly as a Category I FSP intermediary. The Company does not act as the principal or counterparty to any Contract for Difference (CFD) transaction. The principal product supplier and counterparty to all CFD transactions is IUX Markets (Mauritius), which is licensed by the Financial Services Commission (FSC) of Mauritius as an Investment Dealer. The Company assumes no market risk and does not execute, match, or settle client orders. Any technical investigations regarding market mechanics—such as execution latency, slippage, or margin close-outs—rely entirely on trade logs and server data supplied by IUX Markets (Mauritius). The Company acts as a facilitating conduit for dispute resolution but assumes no principal liability for the underlying market mechanics.

1.3 This Complaints Management Framework (hereinafter referred to as the “Framework”) sets out the arrangements deployed by the Company to establish, maintain, and operate adequate and effective procedures for the reasonable, objective, and prompt handling of client complaints.

1.4 The Company prioritises acting in the best interests of its clients at all times, aligning its processes with the Treating Customers Fairly (TCF) outcomes. In the unlikely event that a client is dissatisfied with any aspect of the service provided, the client is entitled to express this dissatisfaction directly to the Company. The Company values all feedback and utilises it to enhance its operations and service delivery. The Company ensures the implementation of robust systems and controls to guarantee that clients, including potential clients, have access to redress mechanisms that are accessible, independent, fair, accountable, timely, and efficient.

1.5 This Framework must be read in conjunction with the Client Agreement and the Privacy Policy, which are available on the Company’s official website.

1.6 The Company ensures that this Framework does not impose unreasonable barriers to complainants. The complaints process is provided free of charge. The Company is committed to ensuring that the process is accessible and that reasonable accommodations are made for vulnerable consumers who may require additional assistance in lodging a dispute.

1.7 Definitions:

• “Client Query” shall mean a routine request submitted to the Company or its product supplier by, or on behalf of, a client for information regarding the financial products, services, or related processes, or a request to carry out a transaction or action in relation to any such product or service, which can be resolved within the ordinary query process.
• “Complaint” shall mean a specific expression of dissatisfaction relating to a financial service rendered by the Company or its representative to the client, wherein it is alleged that the Company, its representative, or its product supplier (IUX Markets Mauritius) :
  • has contravened or failed to comply with the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act) or relevant laws and regulations, resulting in, or likely to result in, the client suffering financial prejudice or damage ;
  • has wilfully or negligently rendered a financial service to the client which has caused prejudice or damage to the client, or which is likely to result in such prejudice or damage ; or
  • has treated the client unfairly.
• “Complainant” means a person who submits a complaint and includes a client, a prospective client whose dissatisfaction relates to the approach, solicitation, marketing, or advertising material of the Company, or a person acting on behalf of such individuals with written authorisation.
• “Reportable Complaint” shall mean any expression of dissatisfaction or complaint that is not upheld or resolved within the Company’s ordinary processes for handling client queries within five (5) business days from the date of receipt.

2. CLIENT QUERIES

2.1 Should a client have any routine query, concern regarding their account, or express dissatisfaction with the services provided, they are encouraged to initially contact the Support Department via email at [email protected], live chat, or through any other official communication channel made available by the Company.

2.2 The Company places the utmost priority on ensuring client satisfaction and embedding the Treating Customers Fairly (TCF) outcomes within its operational culture. The Support Department is committed to addressing and resolving routine client queries promptly. In strict accordance with statutory requirements, the Company shall endeavour to resolve all such queries within five (5) business days of receipt. Should a query not be resolved within this five-day timeframe, it shall automatically be escalated and reclassified as a “Reportable Complaint”, thereby entering the formal complaints management process.

2.3 The Company shall conduct an impartial review of the query to ascertain whether it has acted fairly, within its rights, and fulfilled its contractual and regulatory obligations as an intermediary. Where a query relates to underlying market mechanics—such as execution latency, slippage, or margin close-outs—the Company will promptly route the matter to the principal product supplier, IUX Markets (Mauritius), for technical investigation. The Company will maintain oversight of this communication loop to ensure the client is kept adequately informed of the investigation’s progress.

2.4 Should the client remain dissatisfied with the resolution provided by the Support Department at the query stage, the client is entitled to formally escalate the matter to a Reportable Complaint in accordance with the procedures outlined in this Framework.

2.5 Clients are strongly encouraged to contact the Support Department as soon as reasonably practicable after becoming aware of an issue. Prompt notification assists the Company and its product supplier in securing relevant server logs and trade data, thereby facilitating a more effective and timely resolution. Unreasonable delays in reporting may complicate the investigation process.

3. REPORTABLE COMPLAINTS

3.1 Should a client remain dissatisfied with the resolution of a Client Query, or should a query remain unresolved after five (5) business days, the matter shall automatically escalate to a Reportable Complaint. Alternatively, a client may submit a formal Reportable Complaint directly by sending an email, together with all relevant supporting documentation, to [email protected].

3.2 Complainants are required to provide truthful, complete, and accurate information to the Company. The Company reserves the right to request additional information, clarification, or evidence at its discretion. Should the Company determine that a client has furnished false, incorrect, or insufficient information, it may request the client to submit a revised complaint.

3.3 Where additional information or evidence is requested, the formal timeframe for the complaint investigation shall commence upon the Company’s receipt of all requested documentation.

3.4 Upon receipt of a Reportable Complaint, the Company shall gather and investigate all relevant evidence and information. To facilitate this, the client must ensure the submission includes:

• The client’s first name and surname;
• Current contact information;
• The trading account identification number;
• A detailed description of the circumstances and the exact time of the occurrence giving rise to the complaint;
• Identification numbers of relevant transaction orders and positions;
• The disputed amount and currency, if applicable;
• Attachments of any documentation or correspondence that may assist in the resolution; and
• Any other information considered materially relevant. Note: Where a complaint relates to underlying product performance, execution latency, or margin close-outs, the Company shall formally request the requisite trade logs and server data from the principal product supplier, IUX Markets (Mauritius), to ensure a factual and comprehensive intermediary investigation.

3.5 A complaint should be drafted in a professional manner and must be:

• Emotionally neutral;
• Free of insulting, offensive, or abusive language directed towards the Company, its product supplier, or its employees; and
• Free of obscene words and profanity.

3.6 Acknowledgement and Communication: Upon submission of a Reportable Complaint, the Company shall promptly provide the client with a written acknowledgement of receipt within three (3) business days. In accordance with statutory requirements, this acknowledgement must detail the internal complaints handling process, specify the contact details of the designated person or department handling the investigation, and provide indicative timelines for addressing the grievance.

3.7 Statutory Categorisation of Complaints: Before any Reportable Complaint can be concluded, the investigating officer must categorise the grievance in accordance with the minimum statutory categories prescribed by Section 17(4) of the FAIS General Code of Conduct. These categories include :

• (i) Complaints relating to the design of a financial product or service;
• (ii) Complaints relating to information provided to clients;  
• (iii) Complaints relating to advice;  
• (iv) Complaints relating to financial product or financial service performance;  
• (v) Complaints relating to a service to clients (including administrative friction);  
• (vi) Complaints relating to financial product accessibility, changes, or switches;
• (vii) Complaints relating to complaints handling;
• (viii) Complaints relating to insurance risk claims (Note: Assessed as N/A for CFD intermediaries); and
• (ix) Other complaints.

3.8 Impartiality and Conflict of Interest: 

• The Company shall ensure that any employee appointed to investigate and make decisions regarding a complaint is adequately trained, possesses an appropriate mix of experience and knowledge of the FAIS Act, and is adequately empowered to make impartial decisions. Crucially, the investigating officer must not be subject to any conflict of interest regarding the specific complaint being investigated.
• In accordance with statutory mandates, the Company’s remuneration and reward strategies for staff responsible for complaints management are designed to ensure absolute objectivity and impartiality. Staff performance is not evaluated, nor is remuneration negatively impacted, based on the volume or financial value of complaints upheld in favour of the client.

3.9 The Company encourages clients to lodge their complaints within a reasonable timeframe from the moment they become aware of an issue. Prompt submission is strongly recommended, as delays may result in the loss or inaccessibility of critical server data or trade evidence. Timely reporting enables the Company to provide more effective support and a swifter resolution.

3.10 The Company reserves the right to consider a Reportable Complaint as formally resolved, settled, or closed under the following circumstances:

• The issuance of a final written response and decision by the Company, determining that no further action is required;
• The mutual, documented resolution of the matter;
• The complaint is “upheld”, meaning it has been finalised wholly or partially in favour of the complainant, and the complainant has explicitly accepted the resolution or redress; or
• The client’s failure to respond adequately to the questions or requests of the Company for a period exceeding one (1) month, unless the client provides a valid reason for the delay. Should the Company deem such a reason valid, it may consider reopening the relevant investigation.

3.11 Third-Party Representation: The Company may accept complaints brought by third parties acting on behalf of a client, provided the client has authorised such representation in writing and supplies verifiable evidence of this authorisation to the Company via their registered email address.

3.12 Suspension of Proceedings: The procedures and timeframes outlined in this Framework may be suspended in circumstances where a client has initiated legal action or escalated the matter to a court or external dispute resolution service prior to the conclusion of the internal process. Notwithstanding the foregoing, the Company reserves the right to continue its internal investigation independently. Should the Company resolve the matter internally and the client accepts the proposed resolution in writing, the client agrees to withdraw any legal action or external proceedings concerning the same matter.

3.13 Dismissal of Complaints: Without prejudice, the Company reserves the right to dismiss or reject a complaint under conditions including, but not limited to, non-compliance with the provisions outlined herein or a breach of the Client Agreement. Where a complaint is dismissed or rejected, the Company shall furnish the client with full written reasons for the decision.

3.14 Root Cause Analysis and Monitoring: The Company shall ensure that all unresolved complaints are monitored regularly to avoid unnecessary delays. Furthermore, the Compliance Officer or Key Individual (KI) shall conduct periodic root cause analyses of categorised complaints data to identify systemic risks, trends, and areas for operational improvement, reporting these findings to the executive management and the Board of Directors.

4. COMPLAINT HANDLING PROCEDURE

4.1 Acknowledgement of Receipt: Upon receiving a Reportable Complaint, the Company shall promptly provide the client with a written acknowledgement of receipt no later than three (3) business days from the date of filing. In accordance with statutory requirements, this acknowledgement must detail the internal complaints handling process, specify the contact details of the designated person or department investigating the complaint, and provide indicative timelines for addressing the grievance.

4.2 The Investigation Process: The Company shall appoint an impartial and adequately trained employee, who holds no conflict of interest in the matter, to execute a thorough review of the complaint. During the investigation, the Company shall take into account the subject matter, the contents of submitted documents, and all internal records. Note on Capacity: Where a complaint pertains to underlying market mechanics—such as pricing feeds, execution latency, or margin close-outs—the Company shall promptly request the relevant trade logs and server data from the principal product supplier, IUX Markets (Mauritius). The Company acts as a facilitator in this process and relies entirely on the principal’s data to establish the factual matrix of the trade.

4.3 Ongoing Communication: The Company aims to conclude its investigation and communicate a final response to the client within ten (10) business days from the date the acknowledgement is issued. Should the investigation require additional time, particularly when awaiting technical data from the offshore principal, the Company shall notify the client of the reasons for the delay and provide regular updates on the progress of the investigation at least every fourteen (14) days.

4.4 Maximum Internal Timeframe and Final Response: In all instances, the Company shall provide the client with a final written response no later than six (6) weeks from the date of receipt of the formal complaint. The final response letter must clearly articulate the full reasons for the decision, referencing specific clauses of the Client Agreement or specific market data where applicable. Where a complaint is upheld, the letter must propose the appropriate redress or settlement offer.

4.5 External Escalation to Statutory Authorities: Should the client remain dissatisfied with the final response provided by the Company, or if the Company fails to provide a final response within the maximum six (6) week timeframe, the client holds the statutory right to escalate the matter to the relevant external dispute resolution authority. The client must refer the matter within six (6) months from the date of the Company’s final response.

4.5.1 The FAIS Ombud: If the complaint relates to financial prejudice caused by the conduct of the Company or its representatives, the client may approach the Ombud for Financial Services Providers (FAIS Ombud).

• Jurisdictional Limit: Clients must be advised that the FAIS Ombud’s compensation jurisdiction is strictly limited to R3,500,000.
• Scope of Mandate: The Ombud will not investigate complaints relating solely to the investment performance of a financial product, unless such performance was guaranteed or the grievance raises a prima facie presumption of misrepresentation, negligence, or maladministration.
• Contact Details:
  • Physical Address: Menlyn Central Office Building, 125 Dallas Avenue, Waterkloof Glen, Pretoria, 0010
  • Postal Address: P.O. Box 41, Menlyn Park, 0063
  • Telephone: (+27) 12 762 5000 / Sharecall: (+27) 86 066 3274
  • Email: [email protected]
  • Website: www.faisombud.co.za

4.5.2 Transition to the National Financial Ombud Scheme (NFO): Clients are further advised that the South African financial dispute resolution landscape is currently undergoing structural reform. The newly established National Financial Ombud Scheme (NFO) commenced operations on 1 March 2024 as a consolidated, single-entry dispute resolution service. The FAIS Ombud is scheduled for eventual amalgamation into the NFO framework; however, the FAIS Ombud currently remains the primary operational authority for intermediary conduct disputes.

4.5.3 The Financial Sector Conduct Authority (FSCA): In the event that a complaint relates to a direct legislative contravention by the Company, the client may approach the market conduct regulator, the FSCA:

• Physical Address: Riverwalk Office Park, Block B, 41 Matroosberg Road, Ashlea Gardens, Extension 6, Pretoria, 0081
• Postal Address: P.O. Box 35655, Menlo Park, 0102
• Telephone: (+27) 80 020 3722 or (+27) 12 428 8000
• Email: [email protected]
• Website: www.fsca.co.za

4.6 In the event that the Company cannot resolve the complaint to the satisfaction of the client within the six (6) week period, the Company remains obligated to submit the relevant investigation documentation to the FAIS Ombud upon their request to facilitate the external redress process.

4.7 Clients are strongly encouraged to exhaust the Company’s internal complaints resolution processes before referring matters to external authorities. However, this encouragement does not prejudice, restrict, or limit the client’s statutory right to seek external redress at any time, subject to the applicable jurisdictional rules and procedures.

5. RECORD KEEPING, MONITORING, AND ANALYSIS OF COMPLAINTS

5.1 Comprehensive Record Keeping: The Company shall maintain accurate, efficient, and secure records of all Client Queries and Reportable Complaints. All relevant documentation, evidence, internal investigation notes, and cross-border correspondence with the principal product supplier (IUX Markets Mauritius) must be systematically filed. In accordance with statutory obligations, these records shall be retained for a minimum period of five (5) years following the final resolution of the complaint or the termination of the business relationship with the client.

5.2 Active Monitoring of Open Disputes: The Company shall take immediate and decisive action to review and resolve all expressions of dissatisfaction. The appointed Compliance Officer or Key Individual (KI) shall actively monitor the complaints register to track the progress of open files, ensuring that investigations do not suffer from unnecessary delays and that all statutory communication timelines (such as the 14-day update rule and 6-week maximum resolution timeframe) are strictly adhered to.

5.3 Root Cause Analysis: 

• Beyond merely resolving individual disputes, the Company shall conduct ongoing, aggregate analysis of its categorised complaints data. This process is designed to identify any recurring or systemic problems, potential legal exposures, or operational risks—particularly concerning execution or platform issues that may require escalation to the offshore principal.
• Should a complaint investigation or root cause analysis reveal a material irregularity, suspected fraud, or a severe regulatory breach in the conduct or affairs of the Company or its product supplier, the appointed Compliance Officer is obligated under Section 19(4) of the FAIS Act to report the irregularity in writing directly to the FSCA

5.4 Management and Board Reporting: To ensure adequate corporate governance and oversight, the Compliance Officer or KI shall generate regular reports (at least quarterly) based on the complaints data. These reports must be presented to the executive management and the Board of Directors, detailing :

• Identified conduct risks, trends, and systemic issues;
• Actions taken by the Company or the principal product supplier in response to these trends; and
• An assessment of the overall effectiveness and outcomes of the Complaints Management Framework.

5.5 Regulatory Reporting: The Company shall ensure that its complaints data and statutory categorisation logs are maintained in a format that facilitates accurate and timely reporting to the Financial Sector Conduct Authority (FSCA), including the population of mandatory annual compliance reports (such as those required under FAIS Notice 32 of 2018 or its subsequent equivalents).

6. RECORD KEEPING

6.1 The Company shall maintain accurate, efficient, and secure records of all Client Queries, Reportable Complaints, and associated investigative documentation.

6.2 Statutory Retention Period: In strict compliance with the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act) and its subordinate legislation, all documentation and information relevant to a complaint shall be retained for a minimum period of five (5) years. This five-year retention period is calculated from the date the complaint is finally executed and resolved, or from the date of termination of the business relationship with the client, whichever is later.

6.3 Scope of Records: The retained records must include the initial complaint submission, all internal investigation notes, all written communications with the client, and the final response letter. Furthermore, where a complaint necessitates a technical investigation into market mechanics, all cross-border correspondence, trade logs, and server data obtained from the principal product supplier, IUX Markets (Mauritius), must be preserved securely within this file.

7. REVIEW AND REVISION OF THE FRAMEWORK

7.1 Mandatory Framework Review: In accordance with Section 17(1)(b) of the FAIS General Code of Conduct, the Company shall regularly review its Complaints Management Framework to ensure its ongoing adequacy and effectiveness. This review shall be conducted by the Key Individual (KI) or Compliance Officer at least annually, or more frequently should there be material changes to regulatory mandates, the Company’s operational model, or systemic trends identified during root cause analyses. Any changes made to the Framework must be formally documented.

7.2 Amendments: The Company reserves the right to amend, revise, modify, or update this Framework at its sole discretion to ensure alignment with prevailing market conduct standards.

7.3 Publication and Client Awareness: Any revisions or updates to this Framework shall become effective immediately upon being published on the Company’s official website. Clients and potential clients are strongly encouraged to review this Framework periodically to remain informed regarding their dispute resolution rights and any updates to the internal procedures.