Complaints Policy
Procedure for Handling Complaints
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Complaint
If you have a complaint, you may submit it through our support Services in your account or you can write to our Complaints Manager at our head office: 12 Nicodemou Mylona, 101 Indigo House, 3095 Limassol, Cyprus . Alternatively you can send us an email.
Acknowledgment
Timeframe: Within 5 working days of receiving your complaint
We will send you a letter acknowledging your complaint and will let you know the name of the person who will be dealing with your complaint. The letter will contain details of our Complaints Policy and of your right to refer the complaint to the Financial Ombudsman Service if you are dissatisfied with our assessment and ruling. You can expect to receive our letter within 5 working days of us receiving your complaint.
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Recording your complaint
We will record your complaint and provide a summary of it to our regulator. These details might include as a minimum; the nature, date and method of communication of the complaint, your details, how the complaint was dealt with (outcomes), whether the complaint was upheld or refuted, whether the complaint was closed or whether it remains open and outstanding and what financial redress or other significant outcome resulted from the complaint. Private information will not be shared with any other third parties, KoenigPayments complies with the General Data Protection Regulation 2016/679 .
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Investigation
We will then start to investigate your complaint. We will aim at all times to conduct our investigation competently, diligently and impartially, obtaining additional information as necessary.
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Initial Response
Timeframe: Within 15 working days of receiving your complaint
We will write to inform you of the progress of the measures being taken for the complaint's resolution.
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Acknowledgement of receipt of response
If you respond to our Initial Response, we will acknowledge receipt of response with 5 working days.
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Final Response
All complaints should be resolved promptly and within a maximum of fifteen (15) working days from the date of the official receipt of the complaint.
When an answer cannot be provided within the expected time limits, KoenigPayments will inform you, in writing, about the causes of the delay before the expiry deadline and indicate the time period within which the company's’ investigation is likely to be completed. The additional time limit should not be more than thirty five (35) working days from the expiry of the initial deadline of the fifteen (15) working days.
We will send you a Final Response which:
- accepts the complaint and, where appropriate, offers redress or remedial action; or
- offers redress or remedial action without accepting the complaint; or
- rejects the complaint and gives reasons for doing so.
Final Response letters will include the Financial Ombudsman's contact details and will inform you that if you remain dissatisfied with the response, you can refer your complaint to the Financial Ombudsman and must do so within four months.
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Complaints Records
We retain records of all complaints received and the measures taken for five years from the date the complaint was received. This record may be used to help the Financial Ombudsman if necessary.
In handling complaints, we aim to identify and remedy any recurring or systematic problems, for example, by:
- Analyzing the causes of individual complaints so as to identify whether there are any root causes common to types of complaint;
- Considering whether such root causes may also affect other processes or products, including those not directly linked to your complaint; and
- Where we can reasonably do so, correcting such root causes.
Financial Ombudsman Service
The Financial Ombudsman Service is an independent and government-backed service designed to help retail consumers and small commercial businesses who find themselves in a dispute with a financial organization such as us.
The FOS can be contacted at any point in a dispute providing the complainant has first contacted the financial organization with whom the dispute relates to.
The Financial Ombudsman can consider complaints about a wide range of financial matters – from insurance and mortgages to savings and investments. They are not a regulator or trade body or a consumer champion – their role is to take an objective standpoint and help settle disputes.
Consumers do not have to accept any decision made by the Financial Ombudsman and at all times the consumer has the right to seek redress in a court should they so wish.
To contact the Financial Ombudsman Service, consumers should write or telephone or email their situation to:
Financial Ombudsman Service
P.O.Box 25735
11311 Nicosia Cyprus
Telephone No.: 22848900
Email address: complaints@financialombudsman.gov.cyMore information on the Financial Ombudsman Service can be obtained by visiting http://www.financialombudsman.gov.cy