Complaints and Dispute Resolution Policy

Purpose of this Policy

The Pretty Penny Loans (PPL) Complaints and Dispute Resolution policy is in place to ensure that PPL staff and agents who have customer contact are capable of recognising when a borrower is making a complaint and understand how complaints are to be handled and/or referred.

PPL makes available to all borrowers a free external dispute resolution scheme (EDR) for all of the borrowers concerns with how the lender is dealing with the borrower. However, it is the mission of PPL’s Internal Dispute Resolution (IDR) department to ensure that all borrower disputes are handled adequately internally. Therefore, we request all borrowers to first raise any dispute with the IDR Team. If the IDR team fails to resolve the borrower’s dispute or at the borrower’s request, PPL will provide all the details for the EDR scheme.

NOTE: This policy is an abridged version of the Complaints and Dispute Resolution Policy, specifically produced for the perusal of our clients and their representatives. The information that has been omitted refers to internal PPL procedures and therefore deemed to be not relevant. We are more than happy to provide the full version of the policy on request.

Company Culture

PPL believes that the customer’s needs come first. It is expected that all staff act with customer service in mind at all times. Prejudice or discrimination is not acceptable and results in large reprimands as per employee contracts.

Client concerns must be treated with respect and answered to the best of the staff members ability. If a concern cannot be answered, the client must be referred to a manager or the IDR Department.

PPL has an open door policy. If a client so requests it, the client can speak to any member of the company from staff right through to General Manager. This value is considered core to the business and what sets PPL apart from other lenders.

Annual Review

This document will be reviewed annually by a responsible manager, executive or 3rd party consultant. The review will ensure continuing compliance with applicable laws, the requirements of any Licence issued to our business and relevant industry standards. The review will also ensure the guidance remains applicable to our business and continues to achieve its purpose.

Complaints Overview

What is a Complaint?

A complaint is any expression of dissatisfaction in relation to a company product or service, where a response or resolution is explicitly or implicitly expected.

Complaints can be made in writing (letter or email) or verbally (telephone or personal representation). Complaints might be made by any person, not necessarily only actual customers of the Company. Complaints must be resolved as expeditiously as possible.

Complainants must be:-

  1. treated with respect and provided with all documentation and evidence in support of their concerns;
  2. informed of the complaints handling process, including the avenues for further review of decisions such as the EDR scheme; and
  3. informed of decisions and the reasons for those decisions.

Complaints handling officer

The complaints handling officer is in charge of the IDR department and is accountable for all disputes handled by the department.

General Procedures

Summary

Complainants can:

  • Email the IDR department at: complaints@prettypenny.co.nz
  • Fax the IDR department a letter to: (03) 354 8483
  • Mail the complaint addressed to:
    The IDR Department
    Pretty Penny Loans
    PO Box 29200, Fendalton,
    Christchurch, 8540
  • Phone the IDR department on: 0800 835 356 or (03) 354 8482
  • Use the complaints link in the member login portal

If a complainant has chosen to email, fax or write to us with a complaint, the complainant will receive an acknowledgement so that the complainant has confirmation that we have received the complaint.

The IDR department will handle the complaint and will advise if any further information is needed. The IDR department will liaise with managers and staff and if appropriate determine a fair remedy.

Unless there are exceptional circumstances, response to the complaint will be received within 15 working days of receipt of the initial complaint.

If we are unable to resolve the complaint within 15 working days we will:

  • Inform the complainant of the reasons for the delay
  • Specify a date when a decision can be reasonably expected

Complaints

If a person (not necessarily a customer) contacts our business and expresses dissatisfaction with a product or service and expects a response or resolution, the incident must be recorded as a complaint.

Complaint handling procedure

The procedure can be summarised as follows:

Who Task Timing and Comments
The IDR Department Acknowledge to the complainant that the complaint has been received and when they can expect a response. Upon receiving complaint.
The IDR Department Liaise with managers and staff and if appropriate determine a fair remedy Within the time frame quoted to complainant
The IDR Department Offer Remedy to Complainant to settle issue. Advise Complainant the rights to refer to EDR Scheme Within the time frame quoted to complainant
The IDR Department If issue is settled, file forms and close complaint If remedy is accepted by complainant
The IDR Department If issue is not settled, refer to EDR Scheme If remedy is not accepted by complainant

Complaint Remedies

Our business will always seek to ensure that remedies are fair. In considering an appropriate remedy, we will have regard to the applicable legal principles, relevant codes of conduct, fairness to the complainant and good practice.

While financial remedies are not normally appropriate or necessary, in the event a financial remedy is deemed necessary, our business will ensure that fair compensation is provided. If any compensation is to be provided it must be approved by the General Manager or an Executive.

External Dispute Resolution Scheme

It is a requirement that all Financial Service Providers (FSP) have a dispute resolution system in place that consists of a complying internal dispute resolution (IDR) process and membership of an EDR Scheme. The EDR scheme that PPL is a member of is Financial Services Complaints Limited (FSCL).

All complainants must be informed that they have the right to refer their complaint to FSCL if they are unsatisfied. FSCL will not accept their complaint unless they have first been through the business’ IDR process. FSCL contact details are:

Financial Services Complaints Limited Mail: PO Box 5967
Wellington 6145
Tel: 0800 347 257
Fax: (04) 472 3728
Email: complaints@fscl.org.nz
Web: http://www.fscl.org.nz/

Upon receiving a complaint, the FSCL will contact both parties and attempt to resolve the complaint by conciliation.

If the business ceases to be a member of the FSCL scheme, they must notify the companies register within 5 days, stating:

  1. the reason for discontinuing the membership;
  2. details of the new EDR Scheme the business will join; and
  3. confirmation that the business is covered by an EDR Scheme for all interim complaints.

Accessibility

To fulfil the purpose of this policy, it is essential that a concise, informative and plain English version of our complaints handling procedure is made available across multiple contact points. At a minimum, this includes:

  • all business websites;
  • any disclosure documents; and
  • other points of customer contact.

Cost

Access to our complaints handling procedure and the EDRS is provided free of charge.

Confidentiality

Staff must treat all complaints in confidence and only disclose the details of the complaint to those involved in the resolution process.

Complaints and Dispute Resolution Policy Introduction Purpose of this Policy The Pretty Penny Loans (PPL) Complaints and Dispute Resolution policy is in place to ensure that PPL staff and agents who have customer contact are capable of recognising when a borrower is making a complaint and understand how complaints are to be handled and/or referred.

Pretty Penny Loans products are only suitable for short-term needs. They are not suitable for long-term or regular borrowing.