The FCA complaint handling requirements are contained in the Dispute Resolution Sourcebook and require firms to operate a complaint handling process, including ensuring that complaints are acknowledged promptly and that a full response is issued within 8 weeks of the complaint date.

Once the firm has completed its internal complaint handling process by issuing a final response, or if a final response is not issued by the firm within 8 weeks of the complaint date, the complainant may choose to take the complaint to the Financial Ombudsman Scheme. If this occurs the firm must assist the Ombudsman and comply with any decision made by it.

As part of the firm’s systems and controls it must undertake root cause analysis to ascertain what remedial action should be undertaken in order to prevent future complaints of the same nature occurring.

Failure to undertake FCA complaint handling in the appropriate way, or failing to assist the Ombudsman, can lead to the FCA taking enforcement action against the firm.

The FCA has produced guidance on complaint handling and you can find out more about the requirements by reading our free guide below.

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