Review Aims To Improve The Way Complaints Are Handled

Companies in the finance industry have joined up with the Financial Conduct Authority (FCA) for a review of how customer complaints are dealt with.

The review, which examined processes at 15 major financial firms, was designed to reveal barriers to effective complaint handling and find solutions.

It made several findings, including that firms do not always consider the impact on consumers when designing and implementing their complaint handling processes, and that amounts of redress offered can be inconsistent.

The review also made a number of recommendations on how to improve complaints processes. These included ensuring calls to complaints lines are charged at the basic rate, and removing the non-reportable complaints rule so that all complaints must be reported to the FCA.

"Together we have identified improvements that should be made and firms will act on these findings," said Clive Adamson, director of supervision at the FCA.

"I hope those firms who weren't part of the review will consider the recommendations and take appropriate steps to deliver consistent outcomes for consumers."

Expert Opinion

The FCA's examination of this area is an important step towards properly understanding the handling of complaints and ultimately ensuring that any issues raised are handled in an effective and careful manner. <br/> <br/>"It is vital that financial services firms consider the issues which have been identified and ultimately ensure that they are meeting their responsibilities when it comes to their clients and customers."