Complaints Handling Policy
Trek Labs Europe Ltd. dba Backpack EU
COMPLAINTS HANDLING POLICY
1. Introduction
Backpack EU is a brand name owned and operated by Trek Labs Europe Ltd (formerly FTX EU and FTX EU Ltd, respectively) (hereinafter referred to as the “Company,” “Backpack EU,” “us,” or “we”), a company incorporated in Cyprus with registration number HE 335683 and authorised by the Cyprus Securities and Exchange Commission (“CySEC”) under license no. 273/15, with registered address at Aiolou & Panagioti Diomidous 9, Katholiki, 3020 Limassol, Cyprus.
This Policy and procedures detail how Trek Lab Europe Ltd (the “Company”) will deal with complaints when carrying out its business.
The Company is authorised by the Cyprus Securities and Exchange Commission (“CySEC”) as a Cyprus Investment Firm (CIF) and, as such, will act in accordance with the applicable framework relating to complaints handling from time to time.
2. General Framework
The Policy has been prepared in accordance with the following laws, regulations, directives and guidelines (the “Regulatory Framework”):
Law 87(I)2017 regarding the provision of Investment Services, the exercise of investment activities and the operation of regulated markets (the “Law”);
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms;
CySEC Circular C338 - Guidelines on complaints-handling for the securities sector - Handling of client’s complaints by CIFs
3. General Scope of the complaints handling Procedure
The Company acting as a Cyprus Investment Firm and in accordance with the relevant provisions of the Law is required to have in place and disclose to its clients a Complaints Handling Procedure which is described in this document.
The Complaints Handling Procedure ('the Procedure') describes a fair and quick process of dealing and handling client's complaints that may arise from our relationship with clients. The purpose of the Procedure is to set out the internal complaint resolution mechanism which the Company has established, maintains and follows towards the resolution of complaints.
4. General Definition of an inquiry and complaint
If you are disappointed with the Company’s services, or you have any inquiries regarding your account or trading activity with us, you may contact our Customer Support Department via live chat, email or telephone.
The Company’s Customer Support Department shall determine if your inquiry can be resolved immediately or if it will require further investigation. In case your inquiry requires further investigation, we remain committed in addressing it and/or providing an outcome without undue delay.
If you are dissatisfied with the outcome of the inquiry, then you may raise this further with the Compliance Department following the process indicated in the following section.
An official complaint is an expression of dissatisfaction by a client regarding the provision of investment and/or ancillary services provided by the Company. Only a complaint submitted via the procedure outlined below shall be recorded as a Complaint by the Company and will be handled as such.
The Company considers important and essential to pay the proper attention to each and every complaint made by a client, irrelevant of the subject matter of the complaint.
5. Procedure
The Company shall establish a complaints management function responsible for the investigation of complaints.
The client may submit a complaint addressed to the Customer Support Department which will assist the Compliance Department to resolve the complaint based on the procedure mentioned in the following paragraphs, and by liaising with all departments/personnel that are connected with the complaint(s) received.
The client is encouraged to submit a complaint to the Company regarding the products and the services offered by the Company in any of the following ways:
a) By sending by post or delivering in person a letter which will include all of the following information:
The client's full name
The client's trading account number
The Client's address and email address
The affected transaction(s) number (if applicable)
Date and time that the issue causing the complaint arose
A full and clear description of the issue causing the complaint/content of the complaint
The extent in financial terms of the potential loss that the Client claims has suffered
Reference to any correspondence exchanged between the Company and the client (such correspondence should be attached)
b) By completing the Complaints Form, which can be found in Appendix A of this Procedure, and to be submitted via email at compliance@eu.backpack.exchange
Once a complaint is received by the Customer Support Department, and fulfils the above requirements, the following shall apply:
A written acknowledgment from the Customer Support Department shall be sent to the client within five (5) days confirming receipt of the complaint and the estimated time under which the client shall be given a reply, and providing a unique reference number to the client for the specific complaint in accordance with CySEC's Circular C338; the client is advised to save his/her unique reference number to be used in all future contact with the Company, the Financial Ombudsman and/or the CySEC regarding the specific complaint;
The Customer Support Department shall register the complaint directly to the Company's internal register, as soon as possible and in an appropriate manner (by including inter alia, the unique reference number provided to complaints);
Within two (2) months of receipt, the Company shall investigate and send to the client a Final Response or a holding response, which will explain why it is not yet in a position to resolve the complaint and give an indication of when further contact shall be made. In such case a final answer to the Complaint shall be given within three (3) months from the date of reception of the complaint;
Upon completion of the investigation the Company shall send a written notice to the complainant informing him/ her of the outcome of the investigation along with the reasons for reaching such a decision or – if applicable – the nature and terms of any offer and/ or settlement.
Please note that the Company shall consider complaint as closed when a period of three (3) months has elapsed from the date of submission of the complaint.
The responsible Departments shall thoroughly examine complaints taking into account all available relevant information including but not limited to the information contained in the books and records of the Company and the client's trading account journal and reach a fair and reasonable outcome.
Clients or potential clients can submit complaints to the Company free of charge. When handling a complaint, communication with clients or potential clients shall be clear, in plain language that is easy to understand.
All complaints will be treated with confidentiality.
6. Records and Reporting
The Company shall keep and continuously update records of all the complaints received by clients with details of the investigation conducted, the final outcome of these, any measures taken for their resolution and all the communication with the clients. The Company maintains an internal registry where all relevant details/information are maintained and the Customer Support Department is responsible to duly complete and/or update such accordingly.
Furthermore, the Company shall report on a monthly basis to CySEC information regarding Client complaints filed to the Company and how these are being handled, as per the requirements of CySEC's Circular C338.
7. Review of the policy
This policy shall be regularly reviewed and updated by the Compliance Function in line with applicable legislation updates and when considered necessary and each updated version shall be approved by the Company's Board of Directors.
The Company will inform its clients of any material changes to this procedure by posting the updated version of the policy on its Website.
8. Client’s dissatisfaction
In cases where a client is dissatisfied with the Company's approach and final response, the client may directly submit his/her complaint to the Financial Ombudsman Service or to the Cyprus Securities and Exchange Commission (CySEC).
Please refer to the information provided below.
If you are an individual, or a legal entity, trust or charitable entity that can be categorized as a consumer under the legislation governing the creation and operation of an Alternative Dispute Resolution framework in Cyprus (Financial Ombudsman), you are entitled to escalate the complaint to the Financial Ombudsman if the solution or action taken / provided by the Company is not to your satisfaction or if the Company does not respond at all.
In addition, clients may address their complaints to the Financial Ombudsman of Cyprus, provided that each complaint does not exceed the amount of two hundred and fifty thousand euro (250.000) within four (4) months from either the date of receipt of the reply from the Company or the deadline of the three (3) month period during which the Company had to respond to the client.
Contact Details of the Financial Ombudsman of the Republic of Cyprus:
Website: http://www.financialombudsman.gov.cy
Email: complaints@financialombudsman.gov.cy
Postal Address: P.O. BOX: 25735, 1311 Nicosia, Cyprus
Telephone: +35722848900
Fax: +35722660584, +35722660118
Contact Details of the Cyprus Securities and Exchange Commission:
Website: http://www.cysec.gov.cy
General email: info@cysec.gov.cy
Postal Address: P.O. BOX 24996, 1306 Nicosia, Cyprus
Telephone: +35722506600 Fax: +35722506700
For any further questions of information, do not hesitate to contact us at: support@eu.backpack.exchange.
Appendix A
If you need to submit a complaint, please download and complete the Complaints Form provided below.
Risk warning: Our products are traded on margin and carry a high level of risk and it is possible to lose all of your capital. Please consider our Risk Disclosure.
Legal: This website is operated by Trek Labs Europe Ltd (formerly FTX EU Ltd), registration number HE335683, with registered address at Aiolou & Panagioti Diomidous 9, Katholiki, 3020 Limassol, Cyprus. Trek Labs Europe Ltd (formerly FTX EU Ltd) is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 273/15.
The company operates through https://eu.backpack.exchange (formerly http://www.ftx.com/eu and https://ftxeurope.eu) and uses the trade name Backpack EU (formerly FTX EU).
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