Following the FCA’s recent publication which confirmed changes to the Alternative Dispute Resolution (Complaints) rules, it has now issued Policy Statement PS15/19 ‘Improving complaints handling, feedback on CP14/30 and final rules’ that can be found here which details further future rule changes.
The Policy Statement details the following new requirements:
- An extension to the ‘next business day rule’, where firms are permitted to handle complaints less formally, without sending a final response letter, to the close of three business days after the date of receipt;
- Firms must report all complaints, including those handled by the close of three business days;
- Raising consumer awareness of the ombudsman service, by sending a ‘summary resolution communication’ for complaints handled by the close of the third business day;
- Firms must not charge more than a ‘basic rate’ for all consumer post-contractual calls and all complaints calls; and
- An extended ‘complaints return’ which requires firms to send FCA data twice a year about the number of complaints they receive.
The majority of these changes do not come into force until 30 June 2016; however the limit on the use of premium rate numbers comes into effect on 26 October 2015.
Financial protection post-BREXIT
Huw Reynolds Compliance 2020, 2021, complaints, EEA, EU, FCA, FOS, FSCS, protection, Update
In December 2020, we reminded readers about the expected changes to FSCS protection after the EU withdrawal period ended on 31 December. You can read that article here. The transition did end when expected and with last minute agreement on a trade deal, which was not so certain. However, the agreement did not cover financial […]