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.
FG 21/3 – client objectives
Alistair MacDougall Compliance Drawdown, FCA, ML, Pension, Pension Transfer, PI, transfer
Following on from our previous articles on FG21/3, we will look today at another of the interesting areas covered by the guidance. It goes without saying that the guidance itself is helpful, reiterating and emphasising previous rules and guidance and clarifying some areas that were arguably fuzzy before. However, as well as the actual content, […]