In December 2014, the FCA and FOS consulted on changes to the Dispute Resolution: Complaints Sourcebook (DISP) in order to implement the Alternative Dispute Resolution (ADR) Directive.
The FCA has since issued a Handbook Notice and final rules here, which enables firms to meet the 9th July deadline.
Please note the new rules apply only to complaints received from 9th July 2015 onwards. The main changes are:
- FOS will be able to consider complaints where the firm has not already investigated the complaint, but only if both the firm and the client consent;
- Current complaints time limits will continue to apply. However, firms will be allowed to consent to FOS considering a complaint if it is referred outside the current time limits;
- There will be prescribed wording for firms to tell clients they consent to waiving the time limits – it is important firms incorporate the appropriate prescribed wording within any final response communication to a client who has complained;
- The definition of ‘eligible complainant’ will be extended to include professional clients and eligible counterparties, where the person is an individual acting for purposes outside his trade, business, craft or profession; firms need to bear in mind this extended definition of eligible complainant if and when client complaints are received.
The FCA/FOS December consultation also contained separate policy proposals to improve complaints handling. Therefore, we can expect a further policy statement later in the year.
A closer look at FG 21/3 – finalised guidance on transfers
Alistair MacDougall Compliance FCA, Pension, Pension Transfer, PI, transfer
In our recent article giving an overview of Finalised Guidance (FG 21/3), we indicated that we would pick out a few of the more interesting snippets for a closer look. That is not to imply that the rest of the guidance is of no interest, just a reflection that much of the guidance is a […]