News Details

01 Nov, 2007

New Complaints Rules

 The new complaints rules came into force on 1 November 2007.

All complaints received on or after that date should be handled in line with the new rules. 

Firms are required to :

  • Deal promptly and fairly

  • Provide clear responses

  • Where appropriate offer fair redress.

Firms are also required to issue and acknowledgement in writing prompty - the 5 day rule has been dropped.

Customers should be kept informed of developments and the 4 week "holding" letter rule has been dropped.

Short Complaints - now require confirmation from the complainant that they accept the Firm's response - this may be done verbally. 

Firms need to reveiw and analyse all expressions of customer dissatisfaction and correct any underlying causes.

Firms are expected to consider the position of other customers who may have been similarly affected but have not complained.

 Markets in Financial Instruments Directive (MiFID) - there are new requirements concerning complaints about 'MIFID business'. namely:

  • Short comlaints details from retail clients must be recorded and retained even if resolved by next business day.

  • Records must be retained for 5 years.

The FSA expects that most complaints will be resolved within the eight week timeframe.

Firms are reminded to bring to the attention of the complainant their right to go to FOS within 6 months of receipt of the final response letter.

Firms should make available to Customers and potential customers information about the complaints process. This should be published and its availablilty referred to in writing at the point of sale.

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