Complaints Handling Policy

1. Submission of the complaints

1.1    The Client can submit the Complaint to the Company by one of the following ways:

• by filling the Complaint Form and sending it to the Company’s dedicated email support@teroxx.com. The Complaint Form should be duly completed and signed for the identification of the Client; o
• by post (courier or other) to the Company's offices at Kalograion 4, Nicolaides Sea View City, 4th Floor, Office D1, 6016 Larnaca, Cyprus; or
• by sending a free-form email to support@teroxx.com regarding the concerns. However, the Company reserves the right to request that the Client complete and submit the Complaint Form to initiate the Complaint Examination process.

1.2.    If the Client submits the Complaint to the Company verbally and reaching an agreement in negotiations fails to be possible, the Company’s employee receiving a verbal Complaint invites the Applicant to submit their Complaint in one of above-mentioned ways by filling in the Company’s Complaint Form.

1.3.     The Complaint and its annexes (if any) must be either in Greek, German or English language, or in the languages used to market the Company’s services or communicate with the customer. If the Complaint and/or its annexes are in other languages, the Company has the right to request the Complaint and/or documents to be translated into the Greek or English language. The translation into Greek or English must be certified by the translation office and/or the translator’s signature, which must be certified by a notary public.

1.4.     The Complaint must be duly signed by the Applicant or his authorized representative.

1.5.     In the Complaint the Applicant must specify:

• In case of the natural person – name, surname, identity/passport number, address, contact details (e-mail and / or telephone number);
• In case of the legal person – company name, registration number, registered address, contact details (e-mail and telephone number);
• Date of filing the Complaint;
• Date of presumed breach of Applicant’s rights;
• Applicant's rights or legitimate interests that have been breached and description of circumstances which led to the Complaint. For example, description of the issue with reasoning; what product of service it relates to, and what damage or loss it caused, etc;
• The Applicant's claim to the Company;
• Documents evidencing the specified circumstances (if such exist).

1.6.     In case the Complaint is submitted by the Applicant's authorized representative, the Complaint must be filed together with the documents confirming the identity of the representative and document confirming authorization to act on Applicant’s behalf. In addition, in the Complaint the Applicant's authorized representative must indicate both the Applicant’s and his details in accordance with clause 1.5 of the Policy.

1.7.     In case the Applicant, who has closed his / her account with Company, submits the Complaint to the Company, such Applicant must submit the documents confirming his/her identity together with the Complaint. Company reserves the right not to review the Applicant's Complaint if:

• No identification documents are submitted;
• The Company is unable to identify the Applicant.

1.8.     If the Applicant refers to a document that is not freely available to the Company, the Company may ask the Applicant to enclose that document with the Complaint.

1.9.     The Complaint that is returned to the Applicant to eliminate the deficiencies shall be deemed not to have been filed with the Company. Return of the Complaint shall not prevent the Applicant from re-applying to the Company with an identical Complaint after correcting the deficiencies identified.

2. Registration of the complaint

2.1.     Upon receipt by the Company of a Complaint submitted in any manner, the employee who received the Complaint shall forward the Complaint to the Responsible Employee on the same business day. The Responsible Employee shall acknowledge receipt of a complaint clearly mentioning the date of its receipt and, where an electronic complaint form is filed, provide the complainant with a copy of the complaint. The Responsible Employee shall  decide whether the complaint is admissible within 3 business days of the Complaint being received by the Company.

2.2.     The Company considers these Complaints inadmissible:

• If the submitted Complaint is not in conformity with the requirements set forth in the Chapter 1 of the Policy;
• if an identical Complaint or a Complaint which is already being examined by another competent authority or court, or for which a decision of the Company has been made, or for which a court decision, ruling or order has entered into force;
• anonymous Complaints and Complaints submitted to the Company more than 3 months after the date on which the Customer became aware or should have become aware of a violation of its rights or legitimate interests, unless the Chief Executive Officer of the Company decides to examine the respective Complaint pursuant to the Company’s legitimate interests.

2.3.     If the Responsible Employee decides that the Complaint is inadmissible to the Company, a clear and detailed explanation shall be provided to the Applicant as to why the Complaint is considered inadmissible and cannot be processed by the Company.

2.4.     Following the decision of the Responsible Employee to accept the Complaint, the following information shall be provided to the Applicant within the time limit set out in Clause 2.1 of the Policy :

• The identity and contact details, including email address and telephone number, of the Responsible Employee, to whom the Applicant may refer any matter relating to the Complaint;
• Time limit for handling of the Complaint and replying to the Applicant.

2.5.     Accepted Complaint shall be recorded by the Responsible Employee in the Complaints Register (Annex 2).

2.6.     The Complaints Register shall record and maintain the following information about the Complaint:

• Name, surname, or legal name (if Applicant is legal person) of the Applicant;
• Applicant’s address indicated in the Complaint;
• Date and manner of receipt of the Complaint;
• Complaint registration number;
• The essence of the Complaint (short content);
• The name of the Responsible Employee
• The services or products of the Company complained about, and the types of services or products;
• The date of sending the reply to the Applicant;
• The final outcome (decision) of the Complaint.

2.7.     All other actions taken by the Company in relation to the handling of the Complaint (e.g., referrals to external legal counsels, internal consultations on the circumstances of the Complaint, internal inspections, etc.) shall be also recorded in the Complaints Register. 

3.Examination of the complaints

3.1.    When examining  the Complaints, the Company shall adhere to the values of good faith, objectivity, regard for human rights, fairness, honesty, rationality, neutrality and quick response.

3.2.     If the Complaint is related to the actions (omissions) of the Responsible Employee or its close relatives working in the Company, or the employees hierarchically superior to him in the organisational structure of the Company, or there are other circumstances that cause or may cause a conflict of interest, the Responsible Employee must notify the Chief Executive Officer of the Company, who shall appoint another employee of the Company, who shall be responsible for the handling of the Complaint and who does not have a conflict of interest in the handling of the Complaint.

3.3.     If the Applicant withdraws his Complaint in writing (or otherwise on a durable medium) during the handling of the Complaint, the initiated handling of the Complaint shall be terminated, and an appropriate entry shall be made in the Complaints Register regarding the termination of the handling of the Complaint.

3.4.     The Responsible Employee shall be obliged, among other things:

• to collect and assess all the documents and data related to the Complaint being examined;
• to analyse and assess the historical data related to the servicing of the Applicant;
• to analyse and assess the Applicant's previous Complaints (if any);
• to assess other available information relevant to the examination of the Complaint (contracts concluded by the 
  Applicant, data related to the fulfilment of obligations to the Company, etc.);
• shall acknowledge receipt of the Complaint to the Applicant without undue delay, 
• if necessary, to request the employee of the Company, whose actions are being complained about, or the colleagues of the said employee for explanations regarding the circumstances of the Complaint;
• if necessary, to request the Applicant or its representative to provide additional information/documentation necessary for the examination of the Complaint. The Company shall not request from the Applicant information that is already in its possession or that should be in its possession.
• kept the Applicant informed about the complaints handling process.

3.5.     Complaints in the Company shall be handled in writing. In exceptional cases, meetings of the parties may be convened to resolve a dispute amicably. The meeting may be organised by either the Applicant or the Company.

3.6.     The Company examines complaints free of charge.

4. Submission of the response to the applicant    

4.1.     The Complaint shall be examined, and the Response shall be submitted to the Applicant as soon as possible, but not later than within 15 (fifteen) business days from the date of receipt of the Complaint from the Applicant. In exceptional cases, when, for reasons beyond the control of the Company (for example, when third-parties are involved), it is not possible to provide an answer within 15 (fifteen) business days, the Company must send an incomplete answer, clearly indicating the reasons for the delay in the answer to the claim and the deadline by which the Applicant will receive the final answer. In any case, the deadline for submitting the final Response must not exceed 35 (thirty-five) business days from the date of receipt of the Complaint.

4.2.     Upon receiving the Complaint, the Company will confirm as soon as possible that the Complaint has been received.

4.3.     The Response to the Applicant shall be written in a clear and plain language that is easy for the Applicant to understand and must include, at least:

• date of submission of the Response; 
• reasoned Response, the Company shall ensure that the Response address all points raised; 
• where the decision on a complaint does not address positively all of the Applicant’s request, the decision shall contain a thorough reasoning and information on available remedies, to the Applicant to pursue further action if he does not agree with the reasons for the rejection.
• list of the attached documents to the Response (if any);
• full name, position and signature of the person who drew up the Response to the Complaint.

4.4.     The Complaint received by the Company after 17:00 (Cyprus time) on the business day of the Company or received not on the business day of the Company, shall be considered to have been received on the following business day of the Company.

4.5.     After examining the Complaint, the Response of the Company shall be provided through the same channel in which the Complaint has been provided (post or e-mail), unless the Applicant instructs to provide the Response in a different way which is acceptable to the Company.

4.6.     When the Applicant’s Complaint is not satisfied or is satisfied partially, the reasons for the refusal to satisfy the Complaint, as well other remedies shall be indicated in the Response to the Applicant.

4.7.    If the Company is not responsible for carrying out of the activity specified in the received Complaint, the Company shall inform the Applicant of the reasons for refusing to accept and examine the Complaint as well as, if possible, the party responsible for handling the respective Complaint.

4.8.    Responses to Complaints shall be drafted in the language used by the Applicant, provided that the language used by the Applicant is one of the languages referred in Section 1.3. above.

4.9.     If the Applicant is not satisfied with the decision made by the Company, the Company must inform that the Applicant shall have the right to seek independent legal advice. 

4.10.     The Company shall ensure that complaints presenting similar circumstances should result in consistent decisions, unless the Company is able to provide an objective justification for any possible deviation from a previously taken decision.

4.11     In the event that final decision does not fully satisfy the Applicant’s demands, the complainant has the following options to maintain the complaint through:

The Financial Ombudsman

If the customer is not satisfied with the Company’s response, the Company rejected his complaint or the customer does not have answer from the Company within three months, it is recommended that customer checks with the office of the Financial Ombudsman in case he is eligible to file a complaint with them and seek mediation for possible compensation. The Financial Ombudsman is an independent service for settling disputes between financial institutions, operating at the time the complaint occurred, in accordance with a license issued by a competent supervisory authority or in accordance with the freedom of establishment or under the supervision of the Central Bank of Cyprus, and their clients. 
Address: 13 Lord Byron Avenue, 1096 NICOSIA
Phone: 22848900 (main number)
Facsimile (Fax): 22660584, 22660118
Website: www.financialombudsman.gov.cy
E-mail:complaints@financialombudsman.gov.cy 

The Court

If the customer does not want to accept a decision taken by the Financial Ombudsman as a last resort, he may be able to take his case to court. The customer would start a civil action in the District Court.

Company’s board relationship with the complaints

5.1.     To ensure ongoing compliance and the effective functioning of this Policy, the Board of the Company shall play an active oversight role in the complaint handling process.

5.2.     The Board shall receive and review on a regular basis a summarised complaints reports   prepared by the Responsible Employee detailing the following:

• the total number of complaints received during the period (if any);
• types of complaints and products or services involved;
• timeframes for resolution and any delays encountered;
• final outcomes, including the number of complaints resolved in favor of the Applicant and the number of complaints rejected.
• the number of complaints where the Company did not comply with the maximum time limits set out in Section 4.1. above.
• analysis of root causes of complaints, including recurring issues or systemic problems identified;
• the average processing time, for each step of the complaints handling procedure;
• actions taken to address the root causes and prevent future complaints;
• any ongoing legal or regulatory risks associated with complaint trends.

5.3.     The Board shall ensure that an internal audit of the complaint handling process is conducted annually by the Responsible Employee. This audit shall assess:

• compliance with the established procedures outlined in the Policy;
• timeliness and fairness of the complaint resolution process;
• whether complaints presenting similar circumstances result in consistent decisions. 
• adequacy of resources allocated to the complaint handling function;
• any regulatory updates or industry best practices that may necessitate changes to the Policy;
• summary of the audit findings shall be presented to the Board, and any recommendations for improvement shall be 
  implemented under the Board’s supervision.

5.4.     Any complaint that involves significant legal, regulatory, or reputational risks, or that cannot be resolved within the usual timeframes due to complexity or other factors, shall be escalated to the Board for further guidance and decision-making. Also, the Company shall inform the Applicant without undue delay about the reasons for that delay and specify the date of the decision.

6. Final provisions

6.1.     The Applicant and Applicant's authorized representative (if any) are responsible for correctives, accuracy of the information, personal and contact data provided in the Complaint and its annexes.

6.2.     All Complaints, which are provided in compliance with this Policy, must be recorded in the Complaint Register of the Company.

6.3.     Depending on the situation, the Company keeps the right to decide if the other or additional legitimate means of identification proof should be requested (e.g., copy of ID document certified by a notary public or any other additional document or method which could be used to confirm identity).

6.4.     In accordance with applicable legal acts the Company stores the Complaints, data related to the examination, documents which provide a particular result of the examination and Response provided to the Applicant at least 7 years from the date of providing the final Response to the Applicant.

6.5.     This Policy is reviewed at least once a year by the Responsible Employee, making appropriate changes or updates as necessary and submitted to the Board for approval. This Policy may be reviewed more frequently, with necessary changes or updates, if required by the new regulations issued by the supervisory authority or other relevant authorities.

6.6.     The Board is responsible for monitoring the proper implementation of this Policy and for its periodical review.

6.7.     The Board must also ensure that the Company's Complaint handling process is effective and, if necessary, updated, including the updating of the present regulations, and that any deficiencies identified would be eliminated.

6.8.     This Policy, its amendments or supplements thereto shall enter into force upon their approval by the Board, unless another date of entry into force of the Policy, amendments or additions thereto is specified therein.

6.9.     This Policy and its amendments thereto shall be made known to the Company's employees by signature and/or by electronic means (e.g., e-mail). The Company shall provide appropriate training to its employees, to ensure the proper implementation of this Policy.