Complaint Handling Policy
Last updated: September 7, 2021
Raseed Invest Limited (hereinafter the Company or Raseed) is incorporated under the laws of the Dubai International Financial Centre (DIFC) with registration number CL4326. The Company is authorised and regulated by the Dubai Financial Services Authority (DFSA).
The Company in accordance with the provisions of DIFC law must have in place and disclose to its Clients a complaints’ handling procedure (Procedure), which is described in this document.
This Procedure is applicable to all Raseed Invest Limited clients. It details how we will handle your complaints and what your rights are if you remain dissatisfied.
While handling complaints, the company will observe its obligations under the Data Protection Regulations, 2020 & Data Protection Law DIFC Law No.5 of 2020.
Our Commitment to you
Raseed is committed to fostering a fair, transparent and impartial complaints’ handling process. All complaints will be investigated promptly and assessed diligently to ensure our processes remain effective and we continue to offer the very best products and services to our clients. Raseed will review and respond to your complaint in a timely manner and provide you with the applicable alternative dispute resolution agency contact details in the event that we are unable to resolve your complaint.
Interpretation of Terms
Unless the context requires otherwise, all terms included in this Procedure shall have the meaning given to them herein. Where the context requires, (a) words importing the singular shall include the plural and vice versa and (b) words importing the masculine shall include the feminine and vice versa.
Scope of the Procedure
The purpose of the Procedure is to set out the internal complaint resolution system and procedures which the Company has established, maintains and follows for the resolution of complaints.
Definition of a Complaint
A complaint is an expression of dissatisfaction addressed to the Company by a client (which may be a natural or legal person) relating to the provision of our primary Services / or ancillary services..
A Complainant is a natural or legal person who is presumed to be eligible to have a complaint considered by the Company or a natural or legal person who has already lodged a complaint.
A complaint received by a Client shall include:
the Client’s name and surname;
the Client’s trading account number;
the affected transaction numbers, if applicable;
the date that the issue arose and a description of the issue.
A complaint must not include offensive language directed either to the Company or a Company employee.
All complaints or grievances must be in writing and shall be addressed to the Customer Support Department of the Company via email at firstname.lastname@example.org
If the Client is dissatisfied by the response from any of the Departments and/or if any of the Departments are unable to resolve the complaint, the matter shall be forwarded to the Client Compliance Team, an independent body of the Company who is tasked with addressing complaints, and which will independently and impartially investigate the complaint. The Client may contact the team directly at email@example.com
The Company will not be able to handle or investigate a complaint if the requirements listed above are not met. In such an event the Company shall revert to the Client and request him to send any additional information. In any event, one of the Company’s officers may contact the Client directly in order to obtain further clarifications and information relating to his complaint. The Company shall need the Client’s cooperation in order to handle the complaint.
Upon receipt of the complaint the Department which has received the complaint shall record the complaint in the complaints registered maintained by the Company as per paragraph 9 of the Procedure. The company will acknowledge the complaint and provide complainant with the contact details of team responsible for handling the complaint, and key particulars of company’s compliant handling procedures.
The Company shall thoroughly examine all complaints as required (taking into account any information contained within the books and records of the Company, including but not limited to the Client’s trading account history) without undue delay.
The Company will treat each complaint with reasonable care and reach a fair outcome.
Upon receiving the complaint, the Company will inform the complainant within seven (7) days that it had received the complaint and provide him with a unique reference number, which shall correspond solely to his complaint, and it must be used throughout his correspondence with the Company regarding the specific matter and/or complaint.
The Company shall send its initial response to the Client within ten (10) business days from the actual receipt of the complaint. If the complaint requires further investigation and cannot be resolved within ten (10) business days, it will issue a holding response in writing. When a holding response is sent, it will indicate when the Company makes further contact and inform the Client on the progress of the investigation.
The Company shall investigate and reply to the complainant within two (2) months from the date of receipt of the complaint. An update must be provided to the complainant in circumstances where the resolution of the Complaint is taking longer than 30 days.
Upon completion of the investigation the Company shall send a written notice to the complainant informing him:
Of the outcome of the investigation along with the reasons for reaching such a decision;
If applicable, the nature and terms of any offer and/or settlement;
Information regarding compliance with the terms of any offer and/or settlement if accepted by the complainant.
If the Company does not manage to conclude its investigation and/or respond to the complainant within two (2) months from the date of receipt of the complaint, the Company shall send a written notice explaining the reasons for not reaching a decision and/or concluding the investigation yet, the reasons for the delay as well as indicate the period of time within which it shall be able to complete the investigation. It is noted that the Company shall take up to three (3) months from the date of the submission of the complaint to finally resolve the complaint.
The Client reserves the right to take any legal action; and such a right remains unaffected by the existence and/or use of any complaint’s procedures referred to above.
External Dispute Resolution
If the complainant is not fully satisfied with the Company’s response on the matter, he may refer his complaint, along with the unique reference number and a copy of the Company’s final response to the DFSA.
For more information, the client may contact the DFSA via telephone at +971 (0) 4 362 1500.
The DFSA will only consider complaints submitted in writing. To submit a complaint, the client can:
Complete the DFSA’s online Complaints Form (https://www.dfsa.ae/make-enquiry)
Submit a written complaint to the DFSA via post to DFSA, Level 13, The Gate, PO Box 75850, Dubai, UAE or via Fax: +971 (0) 4 362 0801; or
Via e-mail: firstname.lastname@example.org.
A copy of company’s complaints policy will be provided free of charge upon request.
If a complaint is resolved in favour of the client, the Company shall promptly ensure the full and appropriate level of redress to be offered to the client without any delay.
Principles of the Procedure
All complaints shall be treated confidentially.
The Company shall handle client’s complaints in a timely and fair manner.
The company shall take all reasonable steps to investigate and respond promptly to any complaints.
The Company shall use its best endeavours to provide the best service to its clients.
The Company has established, maintains and updates the complaints register with details of all the complaints received per month for a period of six (6) years. The following information is recorded in the complaints register:
Date of the complaint;
Identification of the complainant;
Substance of the complaint;
The financial instrument;
The disputed amount;
Actions taken by the company to resolve each complaint;
Settlement date if applicable; and
Any comments thereof.
Frequently Asked Questions (FAQs)
What is a complaint?
A complaint is a written expression of dissatisfaction in connection with the provision of or failure to provide a financial service. Financial service includes:
providing information on one or more financial products or financial services;
engaging in Financial Promotions in relation to providing information on one or more financial products or financial services; or
making introductions or referrals in connection with the offer of financial services or financial products.
Can someone complain on my behalf?
Yes. Anyone can complain on your behalf, but you must give us written permission to allow us to deal with them. Anyone who receives, requests or is affected by our services can make a complaint. Sometimes a client may be unable or reluctant to make a complaint on their own. We will accept complaints brought by third parties as long as the client has given their personal consent in writing.
Will it cost me anything to make a complaint?
No. It won’t cost you any money if you make a complaint to us.
Who will deal with my complaint?
The Operations Department deals with all complaints. This ensures independence. All employees are required to co-operate fully with any investigation.
How soon can I expect a reply?
We will aim to settle the complaint promptly and fairly. We will aim to send an acknowledgement within five business days, containing a copy of our complaints policy.
Can I make my complaint to the DFSA?
You can make a complaint to the DFSA in relation to:
any conduct of, or dissatisfaction with, any Person regulated by the DFSA;
a potential contravention of a law or rule; or
any conduct that causes, or may cause, damage to the reputation of the Dubai International Financial Centre (DIFC) or the financial services industry in the DIFC.
How can I contact the Dubai Financial Services Authority?
You can contact the DFSA in one of the following ways:
The complaint must be submitted in writing:
electronically via the complaints portal on the DFSA website (https://www.dfsa.ae/make-enquiry)
by fax to +971 4 362 0801;
by mail to DFSA Complaints Level 13, The Gate, PO Box 75850, , Dubai, UAE; or
in person to the DFSA at Level 13, West Wing, DIFC.
Customer Care: email@example.com
Compliance Team: firstname.lastname@example.org
Dubai Financial Services Authority: www.dfsa.ae
Dubai International Financial Centre: www.difc.ae