VGEG has established an internal complaints management process so that any complaints received can be dealt with properly, carefully and promptly.
VGEG is subject to the conduct, organizational and transparency obligations provided under section 63 WpHG. According to section 80 para. 1 sent. 3 WpHG in conjunction with Art. 26 Delegated Regulation effective and transparent principles and procedures must be defined and implemented for the appropriate handling of complaints received from clients or potential clients within the meaning of section 67 para. 1 WpHG.
This Policy regulates the treatment of complaints received from clients or potential clients of VGEG in order to adequately protect the legitimate interests of investors.
A complaint is any expression of dissatisfaction that a client or a potential client ("Complainant") raises with VGEG in connection with the provision of an investment advice or an ancillary service. The term "complaint" does not necessarily have to be used. The complaint does not require any specific form.
All employees of VGEG, including contractors who are assigned to VGEG for a limited period of time, are subject to the obligations outlined in this Policy.
The primary person responsible for handling complaints is the German Compliance Team. The German Compliance Team may handle the complaint independently or may delegate the handling of the complaint to the employee or the managing director, who is responsible for, or is the main subject of the complaint (“Responsible Employee”). The German Compliance Team has authority to access all complaints at any time. The Responsible Employee, in case the handling of the complaint is not carried out by the German Compliance Team, must update the German Compliance Team regularly about the status of the complaint (at least once a month).
The following information on complaints management will be made available to clients and potential clients by way of guidance note, brochure of other relevant documentation:
Provision of the contact details of Client Services as the first point of contact in case of complaints and an explanation that Client Services will forward the complaint to the German Compliance Team in their function as complaints management;
An explanation of how to lodge the complaint: the Complainant should describe the facts on which the complaint is based;
An explanation that this matter will be attended to on a preliminary basis within 10 working days, and that VGEG aims to settle all complaints within 2 months from the date on which they are received;
The above information will also be made available to clients or potential clients upon request.
Every complaint received, regardless of whether it is received by VGEG orally, by telephone or in writing, must be handled and dealt with appropriate care and seriousness. Complaints, regardless of whether they are deemed to be justified or unjustified, will only be resolved after the facts of the case have been reviewed sufficiently.
All complaints from clients or potential clients must first be forwarded in writing or by email to the German Compliance Team. The German Compliance Team shall refer the complaint to the Responsible Employee. Upon receipt of a complaint, the German Compliance Team shall check whether an entry into the complaint register of the BaFin is necessary.
The Responsible Employee shall acknowledge receipt of a complaint by email without undue delay, maximum within two working days.
It must first be determined whether additional information is required from the Complainant. The Responsible Employee shall endeavour to collect and examine all evidence and information relevant to the complaint.
If no final reply can be given to the Complainant within the notified time period, the Complainant must be provided with a status update. The status update shall state the reasons for the delay and the period in which the investigation is expected to be completed.
The Responsible Employee shall inform the Complainant of its decision regarding the complaint. Within this communication, it will also inform the Complainant of the possibility of forwarding the complaint to an alternative dispute resolution body.
If a complaint cannot be resolved to the satisfaction of all parties and an escalation results, the Compliance Specialist must inform the Senior Management immediately. The Senior Management will decide how the complaint will continue to be dealt with, will inform the Legal Department and will contact the Complainant or the third party appointed by it directly in order to resolve the problem.
Any final reply to the Complainant must be as a durable medium unless the Complainant expressly requests an oral reply, instead. By way of derogation, oral complaints may only be answered orally if the Complainant agrees.
All complaints must be recorded without undue delay by the Responsible Employee in the internal complaint register. The following must be recorded:
Name of the Complainant;
Reason for the complaint;
Who dealt with the complaint;
Was the complaint justified or unjustified (state a reason);
Measures taken to deal with the complaint;
How and when was the Complainant informed of the solution to the problem;
The reaction of the Complainant;
In case of a negative reaction: description of the escalation;
Analysis of the background of the complaint;
Where appropriate, suggestions to avoid a similar complaint.
The Responsible Employee must hand over the protocol to the Compliance Specialist once the complaint process is finished.
The German Compliance Team shall submit to the BaFin once a year by March 1 of the calendar year for the preceding calendar year, a complaint report in accordance with the model of the BaFin available in electronic form.