Complaints Handling

The following policy has been adopted by Valad for the handling of complaints from third parties.

1.       The overriding aim of any complaints handling process is to turn dissatisfied consumers into satisfied consumers. This is best done by speedy and effective resolution at the first point of contact.

2.       The consumer has a right to complain and we should recognise, promote and protect their rights.

3.       Valad’s policy is to respond to all complaints immediately. If any complaint cannot be satisfied immediately by the person receiving the complaint then a commitment is to be made to resolve the complaint within 24-hours.

4.       In cases where the complaint may need to be passed onto the appropriate person the complainant should be advised that someone else will be dealing with them and that they will contact them by the end of the next business day. It is important to keep the complainant informed of progress at all times as to when a decision can be expected or whether there will be delays.

5.       Data collection is an important element of an effective complaint handling mechanism, which assists in monitoring the progress of complaints and helps identify repetitive complaints. It is therefore important that we keep a central register recording all complaints received to track and monitor the types of complaints we receive, who our complainants are and how effective we are in satisfying the complainants.

6.       The Company Secretary will monitor the register monthly and a summary report will be provided to the Audit Committee at each meeting.

7.       As our first point of contact a register will be maintained, which will record the following details;

a)       Date/time of complaint

b)       Complainant’s name and contact number

c)       Nature of complaint

d)       Request all relevant details to support the complaint

e)       Who received the complaint

f)       Action taken

g)       Resolved by

Anyone who receives a complaint will need to collect these details and forward the details to the Company Secretary to record the complaint in the register.

8.       The following guidelines are offered when processing written or oral complaints, including telephone complaints:

a)       Identify yourself, listen, record details and determine what the complainant wants.

b)       Confirm the details received.

c)       Empathise with the complainant if necessary, without compromising our position.

d)       Explain the course of action available.

e)       Do not attempt to lay blame or be defensive.

f)       Resolve the complaint if possible or commit to doing something immediately, irrespective of who will ultimately handle the complaint.

g)       Ensure that the consumer is informed the complaint is receiving attention. Do not create false expectations.

h)       Check whether the consumer is happy with the proposed course of action, if not agree on alternative courses of action.

i)        Provide acknowledgment if necessary, i.e. thank you letter or telephone call.

j)        Follow up as appropriate and monitor to ensure the consumer remains satisfied as well as receives feedback.

9.       Systematic and Recurring problems: - by evaluating the data being collected we will be able to determine the causes of complaints and whether we need to take steps to implement any changes to our business, i.e. organisational practices and procedures, products or services, staff retraining etc.

10.     Minimising Disputes: - Complaints, which are not dealt with effectively and are left unresolved, can ultimately escalate into a costly and time/resource consuming dispute. It is therefore desirable; both commercially and in the interest of safeguarding the company's image, for everyone in Valad, to direct efforts to satisfying all complaints.

11.     Two main elements in a complaint situation that need to be effectively handled to minimise the likelihood of dispute are:

a)       Dealing with complainant’s feelings.

b)       Dealing with the specifics of the complaint.

12.     Some important pointers in dealing with the complainant’s feelings, which should be followed, are:

•        Listen - this is important in gauging the consumer’s feelings and in reducing any anxiety and tension.

•        Acknowledge and empathise with the complainant’s feelings - this should allow for open discussions. Note the consumer has a right to be heard.

•        Do not offer excuses, or argue with the complainant.

13.     Some important pointers in dealing with the specifics of the complaint, which should be practised, are:

•        Ask the necessary questions - be polite and open.

•        Agree on a solution

•        Set a timetable

Take ownership of the complaint and take action on the agreed solution. If the complaint is passed on follow up to ensure it is actioned by the appropriate person.

14.     Dispute Resolution: - Unresolved complaints that develop into disputes should ideally be handled internally and resolved by the parties involved.

If the complaint is not resolved internally then the dispute must be put into the hands of external arbitrators. Valad is a member of an external complaints resolution scheme, approved by the ASIC, deals with complaints relating to its operation of registered managed investment schemes.

15.     Valad is a member of the Financial Industry Complaints Service Limited (FICS").

16.     Please address any queries or comments to our Complaints Officer by calling +61 2 8257 6600 or by writing to:

The Complaints Officer

Valad Property Group

Level 9, 1 Chifley Square

Sydney NSW 2000

 

Email:  info@valad.com.au

Fax:    +61 2 8257 6655