Complaints Management Policy

Introduction

Daman Markets Financial Services LLC (“Daman Markets” or the “Company”) is a company incorporated with limited liability and existing under the laws of the United Arab Emirates, under registration number 2389524 with commercial license number 1393481. Daman Markets is licensed and regulated by the UAE Capital Markets Authority (“CMA”) under a Category 1 License (CMA License No. 20200000356), authorized as a trading broker of OTC derivatives and currencies in the spot market, having its principal place of business at World Trade Center, Dubai, United Arab Emirates.

Daman Markets is committed to maintaining the highest standards of professionalism, transparency, and accountability in its interactions with our customers (“Customers”). To support this commitment, the Company has established this Complaints Handling Policy (the “Policy”) that outlines the procedures for receiving, assessing, resolving, and recording complaints in a fair, timely, and effective manner. This Policy is established in accordance with the applicable laws and regulations of the UAE, including the CMA Rulebook for Financial Services and Activities.

Daman Markets recognizes that from time to time, Customers may feel dissatisfied with part of our service. If this happens, we want to hear from Customers so that we can put things right.

This Policy should be read in conjunction with Daman Markets’ Client Agreement and Privacy Policy.
Unless otherwise defined herein, capitalized terms used in this Policy shall have the meanings given to them in the Client Agreement.

What is a Complaint?

A complaint is any expression of dissatisfaction, whether justified or not, from, or on behalf of, a Customer about Daman Markets’ provision of, or failure to provide, a service or a redress, which alleges that the Customer has suffered (or may suffer) financial loss, material distress or material inconvenience.
This Policy does not cover complaints brought by persons or organizations that are not Daman Markets’ Customers. In the event that Daman Markets receives complaints that are not from its customers, Daman Markets may redirect them to the appropriate party or avenue.
Occasionally, Daman Markets may receive negative feedback about its services that does not require a resolution or follow-up. Such feedback is not considered a complaint and therefore not covered by this Policy.

How to file a Complaint

Customers can contact our dedicated Customer Support through any of the following channels:
• Customer Support Email: [email protected]
• Customer Support Phone: +971 4 605 9221
• In person: Office 14.01 Sheikh Rashid Tower, World Trade Centre, Dubai, UAE.
When Customers contact our Customer Support, Customers must include:
• Full name and trading account number.
• Contact details (email and phone number).
• A clear description of the concern or complaint.
• Any supporting documents to help Daman Markets resolve the issue.

Our Complaints Process:

Acknowledgment
Once Daman Markets receives a Customer complaint, the Customer Support team will log it, assign a reference number, and send the Customer a written acknowledgment and the name and contact details of the member of Daman Markets’ Customer Support team in charge of the Customer complaint within 1 business day. Customer Support may request additional information.

Initial Review by Customer Support
Our Customer Support team will investigate the Customer complaint and aim to resolve it quickly, typically within 30 business days. Where more time is needed or there are delays beyond our control, Daman Markets will provide the Customer with an update and indication as to when a final response can be expected.
Based on Daman Markets’ investigation, if the Customer Support team determines that feedback does not qualify as a complaint, it may reject the complaint and provide the Customer with an explanation for doing so.
If the Customer Support team determines that another party is responsible for the reported conduct or incident, Daman Markets may direct the Customer to the relevant party. If the Customer accepts to have their complaint transferred, Daman Markets shall refer the complaint to the relevant party and notify the Customer in writing of the referral date and the contact details of the person handling the complaint.
If the Customer refuses to have their complaint transferred or fail to reply within a period not exceeding 10 business days, Daman Markets shall return the complaint to the Customer with the documents required (if applicable) to submit the complaint to the concerned or competent party.
Daman Markets will keep the Customer updated of the proceedings completed to resolve the complaint.

Final Response and Resolution of Complaint

Daman Markets aims to provide a final written resolution within 30 business days of receiving the complaint. If more time is required due to complexity, Daman Markets will explain the reason for the delay and give the Customer a timeline. Daman Markets’ final response will explain the outcome, any actions taken, and the reason for the decision.
Our final response may be one of the following:
• accepting the complaint and, where appropriate, offering redress or remedial action; or
• Rejecting the complaint and providing an explanation for doing so.
Our response will be in the form of a dated letter shared with the customer via email.
Where redress or remedial action is deemed appropriate, Daman Markets will deliver on this offer promptly. If the Customer does not respond, or does not accept the offer, the complaint will be considered resolved.

Escalation to Compliance

If the Customer is not satisfied with the resolution provided by Customer Support, the Customer may escalate the complaint to our Compliance team via [email protected]. The Compliance team will conduct an impartial and independent review of the Customer’s case and aim to provide a fair resolution within 30 business days.
Escalation to Capital markets Authority (CMA)
If the Customer remains unsatisfied after receiving Compliance team final response, the Customer may refer their complaint to the CMA: www.sca.gov.ae.

Record Retention

Daman Markets will maintain a register of complaints which shall record all complaints lodged by customers (the “Complaints Register”). Daman Markets’ Customer Support shall be responsible for maintaining the Complaints Register including Compliance team resolution.
All complaints shall promptly be entered into the Complaints Register, including the following:
• the complainant’s name and contact details;
• the substance of the complaint;
• the root cause of the complaint;
• the manner in which the complaint was resolved and any details of redress offered by Daman Markets; and
• any supporting documents relating to the complaint.
Each entry in the Complaints Register and all relevant records maintained shall be updated on an ongoing basis and maintained for a minimum of 10 years following the resolution of the complaint or conclusion of the relationship with the Customer (whichever is latest).
All records shall be made accessible by CMA upon request for inspection and audit purposes.

Complaints Monitoring and Management

Throughout the complaint process, Daman Markets shall ensure that all employees to whom a complaint is referred have sufficient powers to resolve the complaint and are able to act properly, fairly, and honestly.

The Company shall undertake a root cause analysis to identify the root cause of the complaint (for example, staff conduct, financial product issues, system issues, systemic issues) and take corrective measures in a timely manner.
The Company shall further monitor the nature of complaints regularly by analyzing the related data, such as:

• complaints received, closed and pending;
• complaints substantiated;
• complaints acknowledged outside target time;
• complaints resolved and closed outside target time;
• overdue complaints;
• complaints escalated to the Compliance team and/or the CMA;
• complainants who remain dissatisfied with the results of investigation of the complaint;
• the nature and the value of redress provided;
• suggestions from customers arising from complaints; and
• errors / omissions identified as either systemic or non-systemic errors.

Policy Review and Updates

This Policy will be reviewed as appropriate, or sooner if required due to changes in regulations, market conditions or internal strategy, and amended as necessary to ensure alignment with evolving regulations and best practices in governance as stipulated by the applicable legislation and the Policy’s effectiveness and its implementation and operation with respect to all aspects of Daman Markets’ business.