FCA Finalises Further Changes to Complaints Handling Rules

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.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

This is further fine tuning of the rules by the FCA in an attempt to improve the complaints experience and outcomes for consumers.

You have plenty of time to prepare for the changes.

We will be updating our complaints procedures and templates as well as publishing reminders nearer the time. 

Action Required By You

  • Ensure you understand these rule changes, how they will impact on your firm and when they come into effect;
  • Review and update your complaints handling procedures to be ready for implementation.

To discuss any aspects of this news article in more detail, please liaise with your nominated ATEB consultant.

Alternatively contact us here.

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About the Author

Steve is an ATEB Director and has a deep understanding of all matter regulatory, built up over his 30 years + in the industry. With a training background and a technical brain, he overseas numerous complex projects and client implementation work.

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