News Details

30 Sep, 2010

New Complaint handling rules proposed

The Financial Services Authority (FSA) is unhappy the current standards that Firms apply to dealing with customer dissatisfaction. The FSA are proposing changes to its complaints handling rules as part of a package of measures to drive up standards of complaints handling within the industry. Well run Firms are unlikely to have any difficulty complying with the new benchmark requirements once they are introduced. The FSA feel that the consultation paper is key to tackling their consumer protection agenda and is aimed at ensuring that more firms resolve complaints promptly and fairly. Proposals include: Requiring firms to identify a senior individual responsible for complaints handling; Abolition of the ‘two-stage’ complaints handling rule to incentivise firms to resolve complaints fairly the first time; Underlining the requirement for firms to carry out root cause analysis, by identifying and remedying any recurrent or systemic problems with complaints, and to take action where appropriate; and Additional guidance in relation to taking account of ombudsman decisions and previous customer complaints and learning from the outcome. The FSA has also published firm-specific complaints data, enabling customers, for the first time, to compare and contrast the way different firms deal with their complaints.

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