Complaints
Handling Procedure
Background
Paradise Global Markets is committed to handling all client complaints fairly, promptly, and transparently. The Company aims to ensure that clients are informed of the individual responsible for managing their complaint and are kept updated on progress throughout the resolution process. Adherence to this procedure ensures consistency and accountability in complaint handling.
A copy of this Complaints Handling Procedure will be made available to clients upon request.
Definition of a Complaint
A complaint is defined as any expression of dissatisfaction, whether oral or written, made by an eligible complainant in relation to the services, products, or conduct of Paradise Global Markets, regardless of whether the complaint is ultimately found to be justified.
Categorisation of Complaints
Clients may raise complaints for a variety of reasons. All complaints must be reviewed and investigated by a suitably qualified employee who, where appropriate, was not directly involved in the matter giving rise to the complaint.
When assessing a complaint, consideration must be given to the jurisdiction in which the relevant regulated activity took place.
All complaints of a regulatory or serious nature must be escalated to the Compliance Officer, who holds primary responsibility for ensuring complaints are handled effectively and in accordance with applicable requirements. Full details of each complaint must be provided to the Compliance Officer, who will also report complaints to senior management.
Common Complaint Categories Include (but are not limited to):
- Unsuitable, misleading, or inappropriate advice
- Excessive trading or account activity ("churning")
- Administrative delays or processing errors
- Failure to execute client instructions resulting in potential loss
- Poor quality of client service
- Misrepresentation or unclear product information
Handling of Complaints
(a) Initial Receipt
Upon receipt of a complaint, full details must be forwarded to the responsible person within 24 hours. Where a complaint is received verbally, the employee must gather as much relevant information as possible and document the details accurately before escalation.
(b) Acknowledgement
Unless the complaint is straightforward and resolved within 24 hours, written acknowledgement must be issued within 48 hours of receipt. The acknowledgement will include:
- The name and position of the individual handling the complaint
- Contact details for further communication
- An indicative timeframe for resolution and updates
(c) Ongoing Updates
If the complaint remains unresolved after 30 days, the client will receive a further written update outlining:
- The current status of the investigation
- An estimated timeframe for resolution, where possible
These timelines represent minimum service standards. Clients may be contacted more frequently depending on the complexity and nature of the complaint.
(d) Investigation
Relevant departments involved in the sale, execution, or processing of the transaction may be required to provide information or reports. All such requests must be treated as a priority to ensure timely and thorough investigation.
(e) Investment Performance Complaints
Complaints relating solely to investment performance are not generally considered regulatory complaints. Such matters will be reviewed by an appropriate adviser. Where additional issues are identified beyond performance concerns, the complaint will be handled in accordance with this procedure.
Record Keeping
All complaints must be logged in an internal complaints register maintained by the Compliance Officer. Accurate records are essential to:
- Meet regulatory and compliance obligations
- Monitor complaint volumes and trends
- Identify training or performance improvement needs
- Review and enhance internal procedures where necessary
Compliance will conduct ongoing monitoring of complaint records and handling standards.
Redress
Where redress is deemed appropriate, any compensation offered will be fair, reasonable, and proportionate to the Company's responsibility for the matter. No compensation may be paid without prior approval from senior management or the Board of Directors.
If a client is dissatisfied with the outcome or proposed redress, they may be provided with details of the relevant external dispute resolution or regulatory authority, where applicable.
Redress Process
When communicating a redress decision, Paradise Global Markets will explain how the compensation amount was determined. Any settlement offer will include a declaration confirming full and final settlement of the complaint. Payment of redress will only be processed once the signed declaration has been received from the client.
Employee Awareness
All relevant employees must be familiar with this Complaints Handling Procedure. The policy will be provided during induction and no later than confirmation of full adviser or employee competency. Ongoing training may be conducted to ensure continued compliance and awareness.
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