FCA set to revamp complaint rules
An FCA-chaired group of firms and five trade bodies identified a number of changes, while the regulator also consulted with the Financial Ombudsman Service and consumer groups.
One of the findings from the review was that firms were inconsistent in the amount of redress offered, particularly for distress and inconvenience.
The group proposed that calls to complaints telephone lines should cost no more than the basic rate, while all complaints should be reported to the FCA.
It was also proposed that the ‘next business day rule’ should be amended; meaning firms should give consumers longer to accept a complaint as resolved.
Clive Adamson, director of supervision at the FCA, said: “It’s in everyone’s interest to consider how to make complaints handling more effective; that’s why it was important to us to work collaboratively with industry on this project and I would like to thank the firms for participating.
“Together we have identified improvements that should be made and firms will act on these findings.
“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.”
The FCA is now considering these recommendations and will consult on possible policy changes.