Download your FREE compliance fact sheet

FCA Complaint Handling

FCA Complaints Handling

The Financial Conduct Authority (FCA) has a designated set of rules that must be adhered to where complaint arises that concerns a financial service. This means that firms should understand how to identify, elevate (where applicable) and respond to complaints in a fair and timely manner. When seeking authorisation and acting as an authorised firm, firms are required to appoint a designated complaint handler. The complaint handler’s information will be publicly available on the firm’s FCA Register entry. The FCA complaint handling requirements are contained in the Dispute Resolution Sourcebook and require firms tto have an effective complaint handling process, iensuring that complaints are acknowledged promptly and that a full response is issued within 8 weeks of the complaint date.

Where a firm has issued a final response or where a firm has not provided a final response within the 8-week timeframe, complainants may elevate the complaint to the Financial Ombudsman Service (FOS). If this occurs, the firm must assist the Ombudsman and comply with any determinations.

As part of the firm’s systems and controls, firms conduct periodic root cause analyses to ascertain the required remedial action that should be undertaken to prevent future complaints of the same nature occurring in the future.

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.

We are experts in FCA regulation; our team consists of ex-regulators, legal practitioners, and industry professionals. Scott Robert not only offer advice and assistance on FCA complaint handling, we can also assist with an impartial review of complaints as they are received, draft potential final responses and working collaboratively with the firm and its complaint handler to resolve complaints and promote the fair treatment of customers.

Contact Scott Robert today to speak further on your firm’s complaints handling needs.

Download your FREE compliance fact sheet

FCA Complaint Handling

Related News

FCA Complaint Handling