OEXN LIMITED

Complaints Policy

This Policy sets out the processes adopted by the Company when dealing with Complaints received by customers.

  1. INTRODUCTION
OEXN Limited is a duly licensed and regulated entity registered in the Republic of Cyprus (“Company”) and authorized by the Cyprus Securities and Exchange Commission (“CySEC”) as per the Provisions of the Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Matters Law of 2017, as amended from time to time, to provide one or more investment services to third parties and/or perform one or more investment activities in accordance with its Cyprus Investment Firm (“CIF”) license number 423/22.
  1. SCOPE
This Policy sets out the processes adopted by the Company when dealing with Complaints received by customers. The purpose of this Policy is to set out the procedure to be followed and the appropriate action required to be taken by the Company in the case of a Complaint by any client to ensure the Company’s compliance with paragraph 13 of Directive DI144-2007-01 of CySEC and Operating Conditions of the CIFs.
  1. DEFINITIONS
“Complaint” means a statement of dissatisfaction addressed to the Company by a complainant relating to the provision of investment services. “Complainant” means any person, natural or legal, which is eligible for lodging a Complaint to the Company and who has already lodged a Complaint.
  1. COMPANY’S RESPONSIBILITIES
The Company is highly committed to providing the highest standard of service to all Clients on every occasion. Pursuant to the Directive DI144-2007-01 of 2012 and relevant CySEC Circulars (C100, C198 and C338) in relation to the authorization and operating conditions of a CIF, a CIF is required to establish, implement and maintain effective and transparent procedures for the reasonable and swift handling of Complaints or grievances received from retail or potential retail clients, and to keep a record of each Complaint or grievance and the measures taken for the Complaint’s resolution. The Company must ensure that it has a Complaints management function, which enables Complaints to be investigated fairly and possible conflicts of interest to be identified and mitigated. The Company is required to:
      1. Apply a Complaints management policy, which is defined and endorsed by the senior management and the Board of Directors, who will be responsible for its implementation and for monitoring the Company’s compliance with it.
      1. Ensure that the Complaints management policy is included in its Internal Operation Manual.
      1. Ensure that the Complaints management policy is available to all relevant staff of the Company through adequate internal channels of communication.
  1. HANDLING CUSTOMERS COMPLAINTS 
The Back Office Department is responsible for handling customers’ Complaints or grievances. Their duties include the effective and efficient handling of customers’ Complaints or grievances so as to enable the Company to adopt and apply the required actions to prevent the repetition of the same Complaints or grievances. If the Complaint or grievance involves the Back Office Department then it is handled by the Compliance Officer. Upon receipt of a Complaint the Company is required to:
      • Gather and investigate all relevant evidence and information regarding the Complaint.
      • Communicate in plain language which is clearly understood.
      • Provide a response without any unnecessary delay. When an answer cannot be provided within the expected time limits, the Company should inform the Complainant about the causes of the delay and indicate when the Company’s investigation is likely to be completed.
When providing a final decision that does not fully satisfy the Complainant’s demands, the Back Office Department shall notify in writing the Complainant using a thorough explanation of its position on the Complaint and set out the Complainant’s option to maintain the Complaint e.g. through the Commission, the Financial Ombudsman, ADR Mechanism, or the relevant Courts. Complainants shall be able to file Complaints and receive the above procedures for Complaints free of charge.
  1. RESPONSIBILITIES OF THE HEAD OF THE DEPARTMENT
  • On request or when acknowledging receipt of a Complaint, provide written information regarding Company’s Complaints-handling process.
  • Publish details of Company’s Complaints-handling process in an easily accessible manner, for example via the Company’s website.
  • Provide clear, accurate and up-to-date information about the Complaints-handling process which includes:
      1. Information of how to lodge a Complaint (e.g. the type of information to be provided by the Complainant, the identity and contact details of the person or department to whom the Complaint should be directed),
      1. The process that will be followed when handling a Complaint (e.g. when the Complaint will be acknowledged, indicative handling time, the availability (where applicable) to contact the Commission or the Financial Ombudsman or ADR mechanism or the relevant Courts).
  • Keep the Complainant informed about further handling of the Complaint.
  1. PROCEDURE 
The Client is informed via the website of the Company’s “Complaints Policy”. How to file a Complaint:
    • Complaints can be submitted to the Company, either by completing this Form or by sending an email to complaints@oexn.com
    • The Complaint is sent to the Back Office Department.
    • If the Complaint/grievance involves the Back Office Department then it is sent to the Compliance Officer.
    • The Head of the Department upon receiving the Complaint registers the Complaint directly to an internal register, giving it a unique reference number. The unique reference number consists of ten digits:
    • the first two digits are the code of the Company regarding the Transaction Reporting System – TRS (i.e. EV (the correct code will be provided by CySEC) for OEXN LIMITED), the following four digits define the year, and
    • the last four digits denote the number of each Complaint serial number (e.g. for 2024 – CC20240001, CC20240002).
    • The unique reference number is communicated to the Complainant by email.
    • The Head of the Department informs the Complainant that he should use the said reference number in all future contact with the Company, the Financial Ombudsman and/or the CySEC regarding the specific Complaint.
    • The Head of the Department records and registers the Complaint in the customer’s Complaint form which includes the following information:
        • details of the client that made the Complaint,
        • the service/department to which the Complaint refers to,
        • the details of the employee responsible for the service(s) rendered to the client,
        • the organizational unit where the relevant employee belongs,
        • the date of receipt and of registration of the Complaint,
        • the content of the Complaint, in brief,
        • the capital and the value of the financial instruments which belong to the client and are registered in his account,
        • the magnitude of the damage which the client claims to have suffered or which can be presumed to have suffered on the basis of the contents of the Complaint,
        • the date and, briefly, the content of the Company’s written response to the Complaint lodged,
        • a reference to any correspondence exchanged between the Company and the client. Such correspondence should be attached to the file.
    • The Head of the Department confirms, within 5 (five) days, to the Complainant the receiving of the Complaint and that the Company will take all the required actions to resolve the problem, and the approximate time required to do so.
    • The Company investigates the Complaint and the Head of the Back Office Department replies, within 2 (two) months, to the Complainant about the outcome/decision. Furthermore, during the investigation of the Complaint, the Head of the Back Office Department informs the Complainant of the handling process of his/her Complaint.
    • If the Company is unable to respond within 2 (two) months, the Head of the Back Office Department informs the Complainant of the reasons for the delay and indicates the period of time within it is possible to complete the investigation. This period of time cannot exceed 3 (three) months from the submission of the Complaint.
    • The Head of the Back Office Department informs the Compliance Department and the General Manager for the Complaint.
    • The required action, that led to the solution of the Complaint, is taken by the Head of the Compliance Department.
    • The action taken is recorded by the Head of the Compliance Department in the Complaint form.
    • The Head of the Compliance Department informs the General Manager about the settlement of the Complaint.
    • The Back Office Department informs the customer about the given solution to his/her Complaint.
    • In the case where the Company’s final solution/decision does not fully satisfy the Complainant’s demands, it shall notify in writing the Complainant using a thorough explanation of its position on the Complaint and shall set out the Complainant’s option to maintain the Complaint e.g. through the Commission, the Financial Ombudsman, ADR Mechanism, or the relevant Courts.
    • The Back Office Department communicates with the customer in plain language which is clearly understood.
    • One copy of the Complaint form is archived in the client’s file and another copy is kept in a separate file (“Complaint file”).
    • The Compliance Department provides to the Commission information regarding the Complaints it receives as follows:
    • Every month, it provides to the CySEC information regarding the Complaints it receives and how these are being handled.
    • In particular, it completes every month (reporting month) the form ΧΧ_yyyymmdd_COMP-CIF (excel file, the ‘Form’) and sends it to the CySEC within 5 (five) days after the reporting month. The ‘Form’ is sent in electronic form via the TRS.
    • In case where the Company did not receive any Complaint within the reporting month, it has no obligation to send the ‘Form’.
    • In the event where the Company has resolved and/or revised a Complaint which was referred to the CySEC in a previous submission of the above mentioned ‘Form’, the Company must complete all the fields of the ‘Form’ and select the ‘U’ from the column Record Type.
    • The General Manager inspects on an on-going basis the “Complaint file” and ensures that the Heads of the Departments have taken all the required actions so as to prevent repetition of the same Complaints.
    • The General Manager analyses on an on-going basis, Complaints-handling data, to ensure that they identify and address any recurring or systemic problems, and potential legal and operational risks, for example by:
    • Analysing the causes of individual Complaints so as to identify root causes common types of Complaints;
    • Considering whether such root causes also affect other processes or financial means, including those not directly complained of; and
    • Correcting, where reasonable to do so, such root causes.
    • The Compliance Officer shall inform at least once a year, or more frequent if required, the Board of Directors of all Complaints received, the actions taken to resolve Complaints as well as other statistical information.
  1. RECORD KEEPING
The Company’s Compliance Department shall and will maintain all received Complaints for a minimum period of 5 (five) years.
  1. FINANCIAL OMBUDSMAN 
    1. If the Complainant remains unsatisfied with the Company’s best efforts to settle the Complaint, Complainants have the right to escalate the Complaint to the Financial Ombudsman of the Republic of Cyprus, which mainly deals with unresolved Complaints from eligible clients. Complainants shall refer their Complaints to the Financial Ombudsman within 6 (six) months of the date of the final response letter received from the Company.
    1. Kindly note that in the event that the Complainant does not refer their Complaint in time, the Financial Ombudsman of the Republic of Cyprus will not have the Company’s permission to consider the subject Complaint and so will only be able to do so in very limited circumstances (i.e. if the Financial Ombudsman reasonably believes that the delay was as a result of exceptional circumstances). Contact details of the Financial Ombudsman of the Republic of Cyprus:
      Tel: +357 22 84 89 00
      Email:complaints@financialombudsman.gov.cy
      Address: 13, Lord Byron Avenue, 1096, Nicosia, Cyprus
      Website:http://www.financialombudsman.gov.cy/forc/forc.nsf/index_gr/index_gr?opendocument

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