Dispute Resolution

 

Lifespan Financial Planning Pty Ltd T/A Quay Finance:
Dispute Resolution Process

External Dispute Resolution (EDR)

Quay Finance conducts the finance and leasing work for Lifespan Financial Planning Pty Ltd and other referrers. The External Dispute Resolution (EDR) Scheme used by Quay Finance is the Credit Ombudsman Service Limited (COSL). Contact details for COSL are:
    - 1800 138 422
    - www.cosl.com.au

Internal Dispute Resolution (IDR)

Complaints received are reported to the Joint Managing Directors of Lifespan Financial Planning Pty Ltd, and a written reply to the customer will be issued as an initial method of resolving the complaint. A log of any complaints received will be recorded and addressed as promptly and efficiently as possible. The IDR procedures will be reviewed annually at the time of the renewal of the External Dispute Resolution Membership (Credit Ombudsman Service Limited - COSL).

Investigation and Resolution of Complaint

Complaints will be addressed promptly using all information provided by the Customer at the time of the complaint and the records available from the loan process (electronically stored loan files, emails, loan diary notes etc.). Complaints will be replied to within 45 days of receipt confirming;

  • The outcome of the investigation into the complaint
  • The Customers right to take the dispute to the External Dispute Resolution (EDR) scheme, regardless of the outcome of the investigation into the complaint
  • The name and contact details for Lifespan Financial Planning Pty Ltd EDR Scheme
If Lifespan Financial Planning is unable to provide a final written response to the complaint within the required 45 day period we will;
  • Inform the Customer of the reason for the delay
  • Advise the Customer of their right to engage the EDR Scheme in relation to the complaint
  • Provide the contact details to the Customer for the EDR Scheme
If a registered complaint alerts us to a systemic issue, immediate steps will be taken to alert the Managing Directors to ensure the complaint is resolved and practices are amended to avoid similar complaints arising in the future.

Where a complaint cannot be resolved internally, it will be referred to the appropriate External Dispute Resolution scheme.

Where a complaint can be resolved by the close of the business day following the day the complaint was made, there is no obligation to engage in the full IDR process.

If Lifespan Financial Planning believes the complaint is justified the company may offer one of the following to the Customer;
  • An apology
  • Compensation
  • Variation of the contractual obligations
  • A free service in the future
Customers will have access to our IDR process via our website, and this will be available to customers at all times and not only in the case where a complaint has been made. We will address each complaint objectively and where possible the complaint will be investigated by a member of staff who was not involved with the customer which resulted in the complaint.

The IDR process is free of charge to customer and all information will be kept confidential. We will adopt a helpful approach and outline our views in plain language in an effort to resolve all problems. In all cases we are committed to resolving complaints as quickly and efficiently as possible when they arise. All complaints will be analysed to determine if this is a systemic recurring problem, or a single incident case.

Review of the IDR

The complaints handling process and IDR Scheme will be reviewed annually at the time of the renewal of the EDR Membership. This review is aimed at ensuring the IDR scheme is up to date with the appropriate compliance laws and satisfies the License requirements of our business. Amendments to the IDR Scheme will be broadcast to staff and discussed at regular staff meetings. The IDR will be updated and made available to all staff.