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Treating our customers fairly

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Prime compliance policy

IMPORTANT: The information on this website does not take into account the personal, financial or other circumstances, needs, objectives or requirements of its visitors. All information provided is of a factual and general nature only and cannot be construed as the provision of advice in terms of the Financial Advisory and Intermediary Services Act, 2002 (‘FAIS’).

Prime Meridian Direct (Pty) Ltd (‘PMD’) is a company incorporated in terms of the laws of South Africa under registration number: 2004/032998/07.

PMD is registered as a Financial Services Provider with the Financial Services Board under FSP number 41040. PAAS is a category 1 FSP and is authorised to conduct services relating to the supply of short term insurance (personal lines) products.

Complaints Policy

As a registered Financial Services Provider, PMD is committed to providing its clients with a service of the highest professional and ethical standards. As required by FAIS and in order to facilitate an efficient system by which our clients can communicate with us, PMD subscribes to the following complaints policy and procedure.

What is set out below constitutes the official complaints policy and internal complaint resolution system and procedures for Prime Meridian Direct (Pty) Ltd (“PMD”) as required by the Financial Advisory and Intermediary Services (“FAIS”) Act 37 of 2002.

PMD is committed to an internal complaint resolution system and procedure based on the following underlying principles:

Customers are confident that they are dealing with a provider where the fair treatment of customers is central to its culture.
Products and services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly.
Customers are given clear information and are kept appropriately informed before, during and after the time of contracting.
Where customers receive advice, the advice is suitable and takes account of their circumstances.
Customers are provided with products that perform as providers have led them to expect, and the associated service is both of an acceptable standard and what they have been led to expect.
Customers do not face unreasonable post-sale barriers to change products, submit a claim or make a complaint.

PMD will aim to demonstrate, through our behaviours and monitoring, that we are consistently treating customers fairly throughout the stages of the product life cycle to which we can contribute. These may include:

Product and service design
Promotion and marketing
Advice

Point-of-sale
Information after point-of-sale
Complaints and claims handling

Standards of Service Delivery

PMD will aim to demonstrate, through its behaviours and monitoring, that it is consistently treating customers fairly throughout the stages of the product life cycle to which it can contribute. In order to achieve these service standards, PMD and its employee members undertake to:

adhere to PMD’s corporate culture of ensuring that customers fully understand the features, benefits, exclusions, risks and costs associated with the financial products they buy;
ensure that customers are provided with clear, concise information and kept appropriately informed before, during and after the purchase of their products allowing them to make informed decisions;
ensure that regular, clear and appropriate correspondence is maintained with customers at all times and that the relevant communication protocols are strictly followed;
adhere to PMD’s phone etiquee standards and to provide excellent service to the customer;
follow the principle that customer service, at all stages, must meet customer expectations and that any promises or commitments made must be met;
NOT give any financial advice to customers but to direct them to the organisation’s Key Individuals or Representatives where such advice is required or sought;
ensure that any request from a customer is aended to without any unnecessary barriers or delays;
fairly manage the customer’s expectation at all times;
leave the customer feeling pleased about their experience with the Company and confident that they are dealing with an honest, professional and ethical organisation where the fair treatment of clients is central to the company’s culture;
ensure all third parties contracted with are commied to treating our customers fairly;

Complaints Handling Service Standards

We respond in a timely manner to our customers and prospective customers questions and queries, addressing any issues or concerns promptly.
All customer complaints are dealt with and escalated appropriately in order to meet our obligations to our clients.
Complaints are therefore handled fairly, promptly and impartially.
All valid claims are paid promptly.
The principles of “fairness and equity” are applied in all decisions, always giving the customer the benefit of the doubt where information is not perfectly clear.
In dealing with complaints PMD will ‘treat like situations alike’ and give careful consideration to whether an error might have aected a wider class of customers and what should be done to remedy this.
PMD will investigate the root causes of complaints and obtain feedback from customers who have experienced our complaints process in order to improve the level of service that is provided.