Updated: July 03, 2024
1. POLICY
Purpose
Yellow Card Financial South Africa (Pty) Limited (Registration Number: 2019 / 552472 / 07) (“YC SA”) is an incumbent Crypto Asset Services Provider (“CASP”) subject to the Financial Sector Conduct Authority (“FSCA”) Exemption Regime for CASPs with temporary FSP #53790. As a prospective financial services provider (“FSP”) YC SA is required to have in place a Complaints Management Policy to enable our customers to exercise their rights when they have complaints (“Complaints”) under the Financial Advisory and Intermediary Services Act, 37 of 2002 (“FAIS Act”).
YC SA is committed to resolving Complaints in a fair, transparent and effective manner. This policy seeks to ensure consistent delivery of high-quality responses to Complaints and FSP accountability. It aims to align the Complaints process with the overall regulatory requirements and ‘Treating Customers Fairly’ (“TCF”) outcomes, as well as industry ‘best business practice.’ It also aims to ensure all Complaints are handled fairly and consistently and are resolved to the complainant’s (“Complainant(s)”) satisfaction.
COMPLAINTS PROCEDURE
a. Inquiry or Request
We have a dedicated Support team that is always active and wants to help. If you would like to submit a request or inquiry to Yellow Card Financial South Africa, please email [email protected] or via the “Talk to us” icon in the app. We can assist you with questions regarding deposits, withdrawals, onboarding, particular transactions or general queries related to our services.
You may formally lodge a Complaint in terms of this Policy in the event that you feel that:
- YC SA has contravened or failed to comply with an agreement, a law, a rule, or a code of conduct which is binding on YC SA;
- YC SA has caused you harm, prejudice, distress or substantial inconvenience;
- YC SA has treated you unfairly; or
- You need to express your dissatisfaction about YC SA’s products or services.
b. Scam or Fraud
If you have any questions or doubts about any services or products proposed to you or you want to report a phishing attempt, a scam, a fraud incident or any other similar issues, please send us a support ticket via the “Talk to us” icon in the app or email us at [email protected]
It is important to be aware of fraud and scams and be safe when operating in the cryptocurrency industry. This industry is not a place to get rich quick and importantly no one can guarantee a return on crypto investments.
At Yellow Card, ensuring the security of your funds is our top priority. However, it is a shared responsibility that requires vigilance from both you and our team. How you secure yourself and how we secure you highlights crucial steps you can take to secure your account, as well as the robust measures we implement to safeguard your investments.
As innovation and tech improve globally, fraudsters have found new and improved ways to deceive people and steal from them. Fraudsters, and scammers use various systems to scam people while pretending to be from legitimate organisations like Yellow Card. If someone claiming to be from Yellow Card sends you a message requesting your login details, please ignore them.
Here are a few things we would never ask you to do:
- Share your login details to get an issue resolved. (Do Not Share)
- Make payment into an individual or trade assistant’s personal account. (Do Not Share)
- Pay start-up capital to start trading (We would never ask for this)
- Deposit funds to claim your trade profits (We would never ask for this)
- Send a message from a personal page or WhatsApp number.
- Transfer your crypto to an external address to trade for you and return the profit. Beware!
Learn more about scams and how they work:
What to do when you suspect a scam
If you believe you are being targeted, scammed, or that your account is at risk, do not
hesitate to contact us. You can reach us at [email protected]. We will do
everything we can to assist you.
As a customer, you are responsible for safeguarding your funds and personal information. Exercise caution and do not click on any suspicious links or disclose your information to untrusted parties. Yellow Card cannot be held liable for the loss of funds resulting from such attacks or compromises on your end.
c. Complaints Procedure
Step 1: Lodging a complaint
If, in relation to a fraud incident, you believe
- Yellow Card has contravened or failed to comply with an agreement, law, rule, or code of conduct;
- Yellow Card’s actions have caused you harm, prejudice, distress, or substantial inconvenience;
- Yellow Card has treated you unfairly; or
- You need to express dissatisfaction with Yellow Cards products or services.
You can submit a complaint to Yellow Card if you have a direct interest in the subject matter. This includes if you are:
- A current Yellow Card customer
- A former Yellow Card customer
- The legal successor or representative of a current or former Yellow Card customer
- A prospective Yellow Card customer
- An authorised individual acting on behalf of any of the above (trustee, curator, executor, or similar legally appointed representative)
Please submit sufficient detail of the complaint to [email protected] including:
- Your name and surname
- A registered email address associated with your Yellow Card account, which can receive correspondence regarding your complaint.
- A registered phone number associated with your Yellow Card account
- A detailed description of your complaint. Please provide as much specificity as possible. Your description must clearly outline how Yellow Card has:
- violated an agreement or law, or
- caused you harm, prejudice, or substantial inconvenience, or
- treated you unfairly, or
- failed to meet your satisfaction with our products or services. - Relevant evidence, documents, correspondence, attachments, or other information to support your complaint and allow Yellow Card to investigate it thoroughly.
If your complaint lacks essential details or your account of the incident is too vague, Yellow Card may be unable to resolve the matter satisfactorily, and your complaint could be dismissed. You agree to cooperate fully with the relevant Yellow Card team member to establish a comprehensive understanding of the complaint
Step 2: Complaint handling process
Upon receipt of a complaint, Yellow Card will take the following actions:
- Yellow Card will provide the complainant with a written acknowledgement of receipt of the complaint, by email to the email address provided in your complaint, within 3 business days.
- If your complaint can be resolved promptly, you will receive an outcome of the findings, along with the feedback and acknowledgment in the same communication.
- If the complaint is more complex and cannot be resolved promptly, the Yellow Card team will conduct a thorough investigation. As part of this process, you may be requested to provide additional information or submit written representations.
- Yellow Card will make every effort to resolve the matter and share the outcome of the findings within 15 business days. However, if the complaint involves multiple issues that reasonably require more time, a full resolution may take longer. In such cases, we will resolve the complaint as soon as reasonably possible while providing you with regular status updates.
- Yellow Card will provide the complainant with a written explanation for the decision on whether to uphold or reject the complaint.
3. FAIS OMBUD AND FINANCIAL SERVICES TRIBUNAL
If the complainant is dissatisfied with the proposed resolution, or if Yellow Card is unable to resolve the complaint within 8 weeks of receiving it, the complaint will be regarded as
unsatisfactory resolved.
In such cases, the complainant may approach the Office of the Ombud for Financial
Services Providers (www.faisombud.co.za) within 6 months of being notified that Yellow Card cannot resolve the complaint satisfactorily.
IMPORTANT NOTE: Before lodging a Complaint with the Ombud, the Complainant is required to lodge the Complaint with Yellow Card SA and only after confirmation by Yellow Card SA that it is unable to resolve a Complaint may it be escalated to the Ombud.
The Ombud can be contacted at the details listed below
Postal Address: PO Box 41, Menlyn Park, 0063
Email Address: [email protected]
Website: www.faisombud.co.za
4. GENERAL
YC SA is committed to resolving any issues our customers face, and feedback is vital for us to improve our products and service.
As a reminder, this Complaints procedure is specifically for submitting complaints in relation to a fraud incident, about your experience with YC SA’s financial services. If you have a general support request or enquiry, please use the appropriate support channels to ensure a faster response. Choosing the above route for general support may result in delays in addressing your query.
Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate.