Scope
This policy commences on 5 October 2021.
Each of the entities below (collectively, “the YBR Group”) are subject to this policy:
- ExchangeIQ Advisory Group Pty Limited ABN 86 003 990 627
- Yellow Brick Road Wealth Management Pty Limited ABN 93 128 650 037
- Yellow Brick Road Finance Pty Limited ABN 33 128 708 109
- Resi Mortgage Corporation Pty Limited ABN 61 092 564 415
- Resi Wholesale Funding Pty Limited ABN 22 140 674 120
- Vow Financial Pty Ltd ABN 66 138 789 161
- Vow Wealth Management Pty Limited ABN 46 149 304 469.
- Vow Financial Group Pty Limited ABN 26 135 411 120
- Loan Avenue Holdings Pty Limited ABN 42 611 315 416
The purpose of this policy is to set out clearly and concisely:
- how to lodge a complaint
- the options available if you require additional assistance to lodge a complaint
- the key steps in the complaint handling process
- response timeframes
- next steps if the complaint cannot be resolved
1. Lodging a Complaint
1.1. What is a Complaint?
A complaint is an expression of dissatisfaction in relation to products, services, staff or the handling of a complaint, where a response or resolution is explicitly or implicitly expected or legally required.2
Please note that opinions, comments and expressions of interest or concern made directly or indirectly, explicitly or implicitly to or about the organisation, its products, services, staff or its handling of a complaint, are considered to be feedback. 3
No response will be given if you have provided feedback.
You will not be charged any fees to investigate a complaint.
1.2. How to Lodge a Complaint
Complaints may be lodged with the YBR Group either verbally or in writing. The latter may include letter, email or a social media post (if we are able to both identify and contact you from that post).
1.2.1. Your Mortgage Broker
An easy way to lodge your complaint is via your mortgage broker. You can either phone or email your broker. They will then notify the YBR Group’s Complaints Manager of your complaint.
1.2.2. Refer to Website for Contact Details
The website of the YBR Group member you have engaged with will display details of how to contact them. This will usually include a phone number to contact the call centre and may provide a portal by which you can leave a message via the website.
1.2.3. Refer to your Credit Guide
When you first dealt with your mortgage broker, you would have been provided with a document called a Credit Guide. This document is designed to assist you to decide whether you use the services of the relevant member of the YBR Group.
The information provided includes details of how to lodge a complaint by phone, email or post.
1.2.4. Contact the Complaints Manager Directly
You can contact the Complaints Manager directly by phoning (02) 8226 8327, or by emailing complaints@ybr.com.au, complaints@vow.com.au or complaints@resi.com.au (as applicable).
1.2.5. Social Media
YBR Group monitors social media platforms where it has a presence, such as Facebook. If you lodge a post that meets the definition of a complaint, and we are able to identify and contact you, we will attempt to do so. However, to ensure that your complaint is not overlooked, utilising one of the options discussed in sections 2.2.1 to 2.2.4 is suggested.
1.2.6. Can I Nominate an Advocate to Act on my Behalf?
You have the right to nominate another person to act on your behalf. YBR Group will accept complaints from authorised representatives of complainants (the “Advocate”). It is preferable to receive your written authorisation before engaging with the Advocate, however if you only give verbal authorisation, the Complaints Manager will provide written confirmation to you (usually via an email) that YBR Group will comply with your verbal instruction to engage with your Advocate.
YBR Group will seek confirmation from you of the scope of the Advocate’s authority (e.g. is the Advocate authorised to accept an offer of compensation on your behalf?)
If YBR Group receives written notification from a legal representative that they act on your behalf, it is not necessary to seek separate authorisation from you.
2. Internal Dispute Resolution (IDR) Procedure
2.1. Acknowledgement of Complaint
The Complaints Manager will provide an acknowledgement within one business day of receipt of a complaint. This will let the complainant know that the YBR Group has received the complaint.
2.2. Types of Complaints
There are no restrictions on the nature of complaints that can be referred to YBR. If you have a situation that meets the complaint definition in section 2.1 above, then you are entitled to lodge a complaint.
2.3. Objective of Complaint Investigation
The Complaints Manager will investigate the issues raised in the complaint, with the objective being to find a mutually agreeable resolution to the complaint. In order to reach this conclusion, the Complaints Manager must understand what:
- you believe occurred
- the mortgage broker believes occurred
- should reasonably have occurred in the circumstances
2.4. Investigation Process
The Complaints Manager will seek information from:
- you
- your mortgage broker
- YBR Group’s systems
This is an iterative process and you may be asked to provide further information during the investigation process, until the Complaints Manager is satisfied that they are in a position to assess what should reasonably have occurred in the circumstances.
2.5. IDR Response
You will be provided with a written response within 30 calendar days of lodging your complaint. This will inform you of the final outcome of your complaint, including the reasons for our decision and how to contact the relevant external dispute resolution (EDR) scheme if you are not satisfied.4
If we are unable to determine the final outcome within this timeframe, we will give you prior notification, informing you of the reasons for the delay and of your right to refer your complaint to the relevant EDR scheme.5
2.6. Resolution of Complaint
We will ask you for the remedy you are seeking to resolve your complaint. These remedies may range from (but is not limited to) an apology, the waiving of a fee, or a payment of compensation.6
If the resolution of a complaint involves a payment of compensation, we may require you to sign a Deed of Release. Upon receipt of your validly executed Deed of Release, we will arrange for the payment to be made into your nominated bank account.
2.7. IDR Timeframes
Your complaint must be lodged within 6 years of the date when you first became aware (or should reasonably have become aware) of the issue or that you suffered a loss.7
3. External Dispute Resolution (EDR) Process
3.1. EDR Timeframes
If you are dissatisfied with the final outcome of your complaint and wish to refer your matter to the relevant EDR scheme, you must do so within 2 years of receiving you IDR response.8
3.2. EDR Schemes
At the time of writing, the Australian Financial Complaints Authority (“AFCA”) is the only EDR scheme available to consumers.
AFCA’s contact details are:
Australian Financial Complaints Authority
Telephone: 1800 931 678
Email: info@afca.org.au
Post: GPO Box 3 Melbourne VIC 3001
Website: www.afca.org.au
3.3. Resolution of Complaint
YBR Group will comply with any instructions or determinations given by AFCA.
A complaint being referred to AFCA does not limit the ability of the parties to negotiate a mutually agreeable outcome to the complaint.
If the resolution of a complaint involves a payment of compensation, we may require you to sign a Deed of Release. Upon receipt of your validly executed Deed of Release, we will arrange for the payment to be made into your nominated bank account.