legal & Compliance

Complaints Policy

At Portman Wealth, we build strong relationships with every family we work with and always strive to go above and beyond in every endeavour. As a result we take complaints very seriously and have a strict protocol that we follow to try and resolve it amicably.

Complaint Procedure

In order for a complaint to receive the attention that it deserves, we request that you submit your complaint in writing. If the complaint is delivered by hand or by any other means, please ensure that you retain proof of delivery.

We take reasonable and relevant complaints seriously. Where the complaint pertains to any aspect of our service, or any disclosures that ought to be made by us, we will endeavour to address those complaints in writing within 7 working days.
In instances where the complaint pertains to something not within our control, such as product information or investment performance, we will forward the complaint to the product provider concerned.

 

  1. The complaint will be lodged in our central complaints register on the same day that it is made and confirmation of receipt forwarded to you.
  2. The complaint is immediately brought to the attention of the Key Individual of this provider for allocation to a trained and skilled person who specialises in that type of complaint.
  3. The complaint will be investigated and we will revert to you with our findings within 15 working days.
  4. In the event that you are not satisfied with our solution, you may refer the complaint to the Managing Director of our business, who can either amend or confirm the solution. Please note that certain decisions may have to be approved by the Board or Management committee of the organisation. In such a case, we will communicate that fact to you, as well as the date on which a decision will be taken.
  5. If, after having referred the complaint to the Managing Director, you are still not satisfied with the outcome, we will regard the complaint as being unsatisfactorily resolved. In such a case, you may approach the office of the Ombud for Financial Services Providers or take other steps as may be advised by your legal representatives.
  6. The referral to the office of the Ombud must be done in accordance with the provisions of section 21 of the FAIS Act and the rules promulgated in terms of that section. In instances where we have not been able to arrive at a resolution within six weeks after you have lodged your complaint, the matter may automatically be referred to the Ombud. Please note that if you wish to refer a matter to the Ombud, you must do so within a period of six months. The Ombud will not adjudicate in matters exceeding a value of R3 500 000.

You may address your complaint via email to: info@portmanwealth.com

FAIS Ombud Details:

Postal: PO Box 41, Menlyn Park, 0063

Physical: 11th Floor, Menlyn Central Office Building, 125 Dallas Avenue, Waterkloof Glen, Pretoria

Tel: 012 762 5000 /0860 066 3274

Web: www.faisombud.co.za

 

Conflict Policy

Portman Wealth prides itself on conducting all business honestly and ethically wherever we operate in the world. We are constantly improving the quality of our services, products and operations and are proud of our reputation for honesty, fairness, respect, responsibility, integrity, trust and sound business judgment.

We take a firm stance against any illegal or unethical conduct on the part of officers, directors, employees or affiliates. The company will not compromise its principles for short-term advantage. The ethical performance of this company is the sum of the ethics of the men and women who work here; thus, every employee is expected to adhere to high standards of personal integrity.
Officers, directors, and employees of the company must never permit their personal interests to conflict, or appear to conflict, with the interests of the company, its clients or affiliates. This may include but is not exclusive to:

  • Real or perceived financial gain resulting from recommendations to our Families at a cost to the Family.
  • An outcome in service delivery or a transaction executed that may differ from the real interest of the Family.
  • Any non-cash incentives that may be received by the business that may affect any predetermined transaction and / or product.
  • Effecting a transaction and / or product that may result in a benefit to another party other than the Family.

Officers, directors and employees must be particularly careful to avoid representing the company in any transaction with others with whom there is any outside business affiliation or relationship. Officers, directors, and employees shall avoid using their company contacts to advance their private business or personal interests at the expense of the company, its Families or affiliates.

Representative Incentives and Remuneration

It is the policy of the company that no representative shall be remunerated as part of an incentive structure with its main or sole aim to increase production, by way of share options at a discount or by way of any cash or non-cash incentive, unless such incentive structure takes into account:

  • A combination of quantitative and qualitative criteria; and
  • Is not limited to a specific product supplier; and
  • Is not limited to a specific product.

Any incentive as contemplated in this section must be linked to a particular incentive exercise and be approved by the Managing Director in writing prior to being implemented. All incentive projects must be disclosed to clients of the company who are approached with a view to doing business with them in relation to the incentive project. Every incentive project must be attached to this policy, along with a description of the nature and basis of participation, any other rules, plus the duration of the incentive project.

Gifting

No bribes, kickbacks or other similar remuneration or consideration shall be given to any person or organisation in order to attract or influence business activity. Officers, directors and employees shall avoid gifts, gratuities, fees, bonuses or excessive entertainment, in order to attract or influence business activity.

In order to further ensure adherence to this requirement, the official policy of the business is as follows:

Any gifts or gratuities over the value of R1 000 in the aggregate from any other person, including such person’s associate as defined in the Financial Services Board Notice 58 of 2010 may not be accepted by any person within the organisation and neither may such gifts or incentives be given by any person in the company, to any third party.

No gifts or gratuities may be accepted or given without written consent from the Managing Director, and all such gifts and accompanying documentation must be registered in the non-cash incentive/ gifts register. In exercising his discretion, the Managing Director must consider commission regulations or other laws which may be breached by the receipt of a gift. A request for authorisation of a gift must include a written statement from the gift giver explaining the reason for and the purpose of the gift. This applies, and is not limited to, invitations to any functions, including lunches, dinners, training interventions and prizegiving’s.

The gifts register shall be a book with fixed and numbered pages, similar to a minute book and all entries shall be made in chronological order. No pages may be removed from the book. The gifts register shall be audited by the company’s internal auditor or accountant on a monthly basis for the purpose of determining whether any gifts or incentives exceeded the aggregate value of R1 000.00. The results of the audit shall be communicated to the Managing Director. In determining whether any gift or incentive is to be allowed, the Managing Director shall have regard to this report.

Insider Trading

Officers, directors and employees of the company will often come into contact with, or have possession of, proprietary, confidential or business-sensitive information and must take appropriate steps to ensure that such information is strictly safeguarded. This information – whether it is on behalf of our company or any of our clients or affiliates – could include strategic business plans, operating results, marketing strategies, customer lists, personnel records, upcoming acquisitions and divestitures, new investments, and manufacturing costs, processes and methods. Proprietary, confidential and sensitive business information about this company, other companies, individuals and entities should be treated with sensitivity and discretion and only be disseminated on a need-to-know basis.

Misuse of material inside information in connection with trading in the company’s securities can expose an individual to civil liability and penalties. Under current legislation, directors, officers, and employees in possession of material information not available to the public are “insiders.” Spouses, friends, suppliers, brokers, and others outside the company who may have acquired the information directly or indirectly from a director, officer or employee are also “insiders.” The Act prohibits insiders from trading in, or recommending the sale or purchase of the company’s securities. Such inside information is regarded as “material”, or if it is important enough to influence you or any other person in the purchase or sale of securities of any company with which we do business.
The following guidelines should be followed in dealing with inside information:

  • Until the material information has been publicly released by the company, an employee must not disclose it to anyone except those within the company whose positions require use of the information.
  • Employees must not buy or sell the company’s securities when they have knowledge of material information concerning the company until it has been disclosed to the public and the public has had sufficient time to absorb the information.
  • Employees shall not buy or sell shares of another corporation, the value of which is likely to be affected by an action by the company of which the employee is aware and which has not been publicly disclosed.
  • Officers, directors and employees will seek to report all information accurately and honestly, and as otherwise required by applicable reporting requirements.
  • Officers, directors and employees will refrain from gathering competitor intelligence by illegitimate means and refrain from acting on knowledge which has been gathered in such a manner.

Officers, directors and employees of the company will seek to avoid exaggerating or disparaging comparisons of the services and competence of their competitors.
Violation of this Code can result in disciplinary action being taken against the person, including possible termination of services. The degree of discipline relates in part to whether there was a voluntary disclosure of any ethical violation and whether or not the violator cooperated in any subsequent investigation.

Managing of Conflicts

Lesser Conflicts

When any staff member of the company suspects a potential conflict of interest, that member shall be obliged to discuss the matter with his/her immediate superior. Minutes must be taken of the content of the discussion, as well as any decision made. The superior and staff member will accept joint responsibility for the decision taken unless the decision is put forward for ratification to a more senior person in the company. In assessing whether a conflict is material or of a lesser nature, special regard must be given to the impact that such a conflict will have on the company’s reputation, financial loss and internal erosion of ethical standards.
All decisions made must be reported on a weekly basis to the Managing Director, by the most senior person involved in that decision.

Material Conflicts

Material conflicts must be discussed with the Managing Director before any decision is made. Only the Managing Director or person authorised by him may make the final decision regarding a material conflict.

Managing
and Mitigation

The executive committee of the company will review all conflicts on a quarterly basis and make recommendations regarding steps to avoid a recurrence of those aspects. The Managing Director will accept responsibility for the implementation of all steps necessary. Notice of the attention paid to conflict of interest must be contained in the minutes of the meetings of the executive committee. The relevant extracts of the minutes must be made available to the company’s compliance officer on request, to enable the compliance officer to report on compliance with this policy.
Where a conflict is identified and a decision made, the nature of the decision must be communicated to the third party in writing as soon as possible. This applies regardless of whether the decision was made to cease doing business or continue with the business at hand despite the existence of the conflict. It is important for the preservation of the corporate integrity that these disclosures are made at all times.

List of Associates and Third Parties

At the date hereof, the company structure and relationships are as follows:

Staff Training and General Awareness

All the company’s staff must be trained on this policy. A copy of the policy must be provided to each staff member at inception of that staff member’s duties and updated versions must be circulated as and when needed. Moreover, all the company’s clients – existing and future –must be made aware of the existence of this policy. The policy must be posted on the company’s website under the section “Internal company policies”. It is the responsibility of the Managing Director to ensure that the provisions of this paragraph are adhered to.

Your Family office

Contact Us