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FCA And Finance Industry Review Complaints Procedures

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."

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