Complaints handling rules are contained in the FCA’s Dispute Resolution handbook, more commonly referred to as ‘DISP’. All regulated firms must have in place procedures to handle complaints and they must respond to complainants within set time-scales.

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Generally, firms must respond to complaints in writing within 8 weeks. However, some firms such as payment service providers and e-money issuers must normally respond much quicker; within 15 business days and no later than 35 business days from when they first received the complaint.

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All firms are expected to try to resolve complaints as quickly as possible but if they cannot resolve the complaint within 3 business days then they must write to the complainant to let them know that they have received the complaint and the next steps. Complainants have a right to refer to the Financial Ombudsman Service.

 

The FOS was set up by Parliament in 2001 and is the independent body that helps resolve complaints between financial businesses and their customers.

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Effective complaints handling is key to maintaining good customer relations, identifying and addressing problems within a business and to improving business practices which will ultimately result in fewer complaints and happier customers!

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At complianceadvice.co.uk we’ll help you to get it right first time! Call us today for advice and guidance on your FCA complaint handling arrangements.