KR8 Advisory Ltd KR8 Advisory Ltd

Complaints Policy

Introduction

The nature of financial advisory work means that occasionally Managing Directors, Insolvency Practitioners and other members of staff may have complaints lodged against them.

At KR8 Advisory Limited (“KAL”) our philosophy is to:

  • Treat all complaints seriously;
  • Consider them fairly; and
  • Resolve them as quickly as possible.

It is recognised that many complaints are without merit or misconceived and are sometimes used as a tactic to attempt to exert leverage over the subject of the complaint and/or KAL. However, this does not detract from our obligation to deal with each and every complaint in a timely, efficient and professional manner.

It is KAL’s policy that the management of complaints shall be dealt with by the engagement MD/relevant Insolvency Practitioner in conjunction with the Group Quality & Risk Team. Joanne Wright is the nominated MD at KAL responsible for Complaints and will be involved and oversee the process. This is to provide risk management support, to ensure that we have a robust review process in place and to enable root cause analysis to be carried out with a view to the implementation of any required future monitoring measures.

This policy note does not address KAL’s policy in respect of notifications of prospective and actual Professional Indemnity Insurance matters, which is detailed in a separate policy statement.

What is a complaint?

Although there can be no definitive description of what constitutes a complaint generally the correspondence can include one or more of the following:

  • Statements of dissatisfaction with the service that has been received;
  • Allegations of unethical practices;
  • Allegations that professional standards have not been met; and/or
  • Threats of reports to the relevant Regulator.

The above list is not exhaustive and therefore all Managing Directors, Insolvency Practitioners and staff, must exercise reasonable discretion in this respect. However, such definition must include those complaints notified directly to KAL and those notified to other parties such as a Regulatory body, Member of Parliament, Department of Business and Trade (Insolvency Service), Accountant in Bankruptcy and debenture holder in corporate insolvencies.

What to do on receipt of a complaint

The complaint, together with all relevant correspondence, must be notified by email to complaints@KR8.co.uk immediately. If legal advice has been sought on the issue this should be referred to and the correspondence with solicitors should also be included. Advice will then be issued on how to handle the complaint.

A register of all complaints notified is maintained which records progress, outcome and eventual closure of the complaint.

Responding to a complaint

On receipt of a complaint, a letter or email acknowledging receipt within 5 working days will be issued.

Following a review of the complaint the Q & R team may request additional information and/or documentary evidence to aid in investigations. These should be provided within 5 business days of the request.

KAL aims to provide a substantive response to the complaint within 20 working days from the day of acknowledgement. If it appears that we are unlikely to meet this deadline the complainant will be informed with reasons as to why and an estimate of when a response shall be provided.

Any extension to a deadline for response issued by a Regulator will be agreed with the Regulator by the Q&R team before expiry of the deadline and a note placed on file to this effect.

Please note that all correspondence to be sent in reply to any of the parties involved (and subsequent correspondence) will be sent from Joanne Wright in her capacity as MD responsible for Complaints.

Subsequent correspondence relating to the complaint will be dealt with in the same manner as above.

If the Complainant is not satisfied with the manner in which the complaint has been dealt with, they will be given details of the following:

The insolvency Gateway (operated by the Insolvency Service) at https://www.gov.uk/complain-about-insolvency-practitioner.

February 2025