We publish the findings from our thematic review of complaint handling.
In this review we sought to identify any barriers within firms that could prevent effective complaint handling in the future. Our supervision of firms focuses on their culture and behaviour – which can be seen in how they treat consumers. This is why how firms handle consumer complaints matters, and always will.
By understanding firms’ complaint-handling policies and processes, we wanted to see whether consumers had been put at the heart of firms’ businesses. In relation to complaints, this means firms having effective and transparent complaint-handling arrangements which ensure that complaints are dealt with reasonably, promptly and fairly.
This document is relevant to all financial services firms regulated by us.
We are considering proposed recommendations that emerged during the review, including changes to our DISP rules.
We are now doing some further research in light of these recommendations, with a view to developing policy proposals, which we expect to consult on soon.
The 15 firms in the review have identified improvements they can make in each of the five key stages of firm complaint handling. All firms should consider how our findings relate to their own complaint-handling operating models, policies and practices. In particular, firms may like to focus on:
Copyright © 2016 FCA. All Rights Reserved.