Complaint Handling Procedure

01. Introduction

NextTrade Ltd, operating under the trading name of NextTrade (hereinafter “NextTrade” “we”, “our”, “us”) is authorized and regulated by the Financial Services Commission (“FSC”) of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license number GB25204563) (hereinafter referred to as the “Company”).

The Company aims to provide services of the highest standards to all of its Clients and as part of this approach, the Company established and maintains this Complaint Handling Procedure (the “Procedure”) which contains clear, up-to-date and transparent information on its complaints’ handling procedure, including how to submit a complaint, what information is required for the investigation/review of the complaint, timeframes for the resolution of the complaint or any grievances received from its retails clients. The Company also maintains records of all complaints received and the measures taken for their resolution.

This Policy regulates effective, clear and fast handling of complaints and disputes submitted to the Company in relation to the performance and procedures of the Company.

In line with the foregoing, we will investigate a complaint, dispute or difference between us, if it is an allegation submitted to us in writing, in accordance with the Complaints Handling Procedure set forth herein, in regard to either one, or more of the following:

  1. a perceived injustice because of an alleged maladministration on our part, pertaining to your Account(s) with us and/or the Transactions and/or Contracts carried out and/or reflected therein;
  2. dissatisfaction with the response from us to a request by you for our services to be provided in a different format; and/or,
  3. a denial of a request for information regarding your Account and/or the Transactions and/or Contracts carried out and/or reflected therein; and/or.
  4. dissatisfaction with the way in which we respond to an enquiry and/or the time that we took to respond.

The Compliance Officer shall be responsible for handling clients’ complaints, except in the case where the complaint involves the Compliance Officer, whereby the complaint shall be handled by a member of the Company’s management.

Clients who wish to file a complaint must do so by submitting their complaints to the following email address: support@nexttrade.com, within three (3) days from the day of the incident giving rise to the complaint/grievance. All complaints will be handled by the Compliance Officer and any action taken shall be in accordance with this procedure.

Upon receipt of a complaint we gather and investigate all relevant evidence and information regarding the complaint.

The following information and documentation should, wherever possible, be provided to the Compliance Officer as part of your formal complaint, in order to ensure that the complaint is addressed in the most efficient and fair manner:

  1. Trading Account Number;
  2. Date The problem first occurred;
  3. Short summary of the Complaint;
  4. Disputed amount and currency, if any;
  5. Attachments of any documentation or other information that may assist in the resolution of the Complaint;
  6. Any other information considered relevant

Upon receipt of a complaint, a written acknowledgement will be sent to you within five (5) Business Days. This will confirm that we are taking the necessary action needed to resolve the complaint and will also provide a timescale for our response. You will also be informed of the unique reference number for your complaint which you will be able to use for future correspondence with our Company regarding your complaint.

Our acknowledgement response will contain details of our Complaints Handling Procedure, a free copy of which is available on our website.

Upon receipt of a complaint, the Company will acknowledge it promptly and attempt in its best capacity to resolving it within thirty (30) days. The coordinator shall oversee the transparent, independent, courteous, and efficient handling of all complaints, ensuring their resolution within the specified timeframe, as far as possible.

Formal complaints shall be formally acknowledged within five working days.5 working days
Full reply will be made (as far as possible)21 working days
*In case a full reply cannot be made within 21 working days of receipt, we shall advise the complainant accordingly and let the complainant know when a reply in full will be made.
Resolution of complaint (as far as possible)30 working days

The Company shall inform the complainant of any changes in the timeframe at the earliest.

The coordinator must ensure that any conflicts of interest that arise are declared to the Board Members of the Company.

If a complainant remains dissatisfied with the proposed solution(s), they may contact the customer support team to provide specific clarifications regarding their concerns. The team will review the complaint objectively, on its merits, and with the guidance of Board members and the Compliance Team. Efforts will be made to address the complaint in a fair, unbiased, and equitable manner.

If the complaint is still not satisfied with the resolution proposed and actions taken, the complainant may lodge an appeal at the Financial Services Commission (Mauritius) to the Office of Ombudsperson for Financial Services.

Address:           8th Floor, SICOM Tower, Wall Street, Ebene Cybercity 72201.

Telephone:       (+230) 460 0473/4

Email:                ombudspersonfs@ofsmauritius.org

Website:           https://www.fscmauritius.org/en/consumer-protection/complaints-handling

It is important for the Complainant to ensure that inquiries are not confused with complaints and are addressed to the right team and email address for timely and appropriate assistance.

A complaint for the purposes of this policy shall refer to written expression of dissatisfaction/grievance for which redress is being sought, and which has not been addressed by the customer support department, in relation to the Company’s product(s)/service(s). Complaint shall be differentiated from customer feedback and customer opinion.

If the customer’s grievance falls within the definition of complaint, then the member of the Complaints Handling Team will register the complaint to the Complaints Register by allocating a unique reference number to the complaint which will be communicated to the complainant in the acknowledgement within 5 working days.

In case the Company receives a notification through the line of communication established by the Company to receive complaints, but which does not fall within the definition of “complaint” above and can be characterized as an inquiry or request, this shall be forwarded to the relevant department to be handled accordingly and the Complainant shall be informed of such action.

If the complaints handling team or customer support department has questions regarding a complaint, those questions shall be raised with the complainant in writing vide email.

 The Company pays special attention to avoid collecting data about the complainant with the exception of recording data aimed to settle the complaint. Furthermore, the Company manages complaints within a transparent system; complaints shall be traced and administered in each and every stage of the procedure.

During complaint investigations, the Company will thoroughly examine and assess the following:

  • The facts and the information provided by the complainant.
  • The facts and the information provided by the officer responsible for the provision of those services (if applicable)
  • The information/data which have been retrieved from the Company’s archive (i.e. the complainant’s transactions, trading history, correspondence, electronic email, recorded telephone calls, IT data etc)
  • The events leading to the complaint

The Company deals with all complaints and all complainants equally, without any discrimination, in harmony with the procedure regulated by this Policy.

All complaints shall be taken seriously, handled transparently and promptly investigated.

The Company shall maintain a Complaints Register to record all complaints received. The register will include the date of the complaint, acknowledgment date, nature of complaints, and actions taken.

After settling the complaint, the Company shall preserve every document related to complaints for a period of seven (7) years, after customer’s trading account closure, electronically. The Complaints Handling Supervisor shall be responsible for monitoring of complaints and closure of complaints.

The Company shall be entitled to prepare statistics and reports about complaints, which will be aimed to improve the efficiency of administering complaints.

This Complaint Policy shall be reviewed annually or within such period of time as may be determined by the Company subject to changes in local laws and regulations, to ensure its effectiveness. Any necessary amendments will be made to enhance the Company’s commitment to handling complaints transparently and improving overall service quality.

The Company must develop and put into practice an independent and objective complaints resolution system, as provided below.

  1. All complaints shall be dealt with due attention, whether they are formal or informal.
  2. Complaint(s) will be treated in confidence, whatever such complaints.
  3. Complaint(s) shall be dealt promptly.

All complaints received will be dealt with confidentially and in accordance with the requirements of the Data Protection Act 2017.

The above Complaints Handling Policy does not apply to money that you may owe to us.

We may take immediate action to recover any debts payable to us in court.

Nothing set forth herein shall prevent either Party from applying to court for interim or injunctive relief.

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