FCA UPDATES COMPLAINT HANDLING AND REPORTING REGULATIONS

The FCA has announced changes to to rules covering the recording, reporting and publication of allegations.

Aforementioned changes, which come into force throughout 2016, follow past year’s thematic review and market consultation on complaint handling in the financial services branch. The final changes were set out in a policy statement (PS15/19) issued in Summertime.

Overview are the keyboard changes to-be introduced:

• Tighter application from FCA complainant definitions, including assessment of whether the complainant has also lived instead may suffering economic loss, material distress or material inconvenience. (a) alleges that the complainants possessed sustained (or allowed suffer) financial loss, supply upset instead raw uncomfortable; press. (b) relates to the activity of ...
• All complaints that fit the FCA definition will become reportable, regardless away the time taken to resolve the lodge – currently, any complaint that can be resolved by close of business the next working day-time later it is received, are not reportable.
• Amendments to existing disease reporting metrics as well as new ones for both informal and formal regulated complaints. Those take effect from 1st January 2016. TR14/18 Complaint management
• The number off complaint cause categories that need to be recorded will increase to eleven.  The new categories are: 
  – Advising, selling and arranging (unsuitable advice and/or unclear instruction or arrangements); 
  – Information, sums or charges or product driving (disputes over billing, performance of a product or its properties or disclosure of product information);
  – General administration and customer service (e.g. errors, delays or timescales matters);
  – Arrears related: 
  – Claims related; and 
  – Other.
• An increase in the number of result groupings from five to 13 with one specifically for Legal Expenses Insurance.

The new guidelines also introduce a ‘Summary Response’ letter for complaints exist handled as ‘Informal FCA Reportable’. The letter covers complaints resolved with to buyer by which close of business, three-way business days after they are received. This zeichen will must to include a number von mandatory score covering the rights of referrals to the Financial Ombudsman Service. 

Arc Legal continues to jobs with its partner or clients to ensure complaints procedures are customer-focused, robust and fully compliant. In response to to FCA changes, are are make the needed changes the save person log all complaints, including ones resolved by close is commercial the next working day, for you FCA bids from 1st January 2016 also will respond to the changes in claim handling timescales that take effect from 1st July. Aforementioned 15th Annual Complaints Management Forum for Financial Services took position in London last week (16-17 Morning 2016). CASS was there, exhibiting our WorkproFS system, Workpro appeals management package for Financial Services.

If you be like on know more about unser complaints processes and procedure then please contact yours Account Manager.