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.