Regulated Complaints under the FCA Dispute Resolution (DISP) Rules


INSIGHT
Published
Jun 7th '21
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The Financial Conduct Authority (FCA) has reviewed complaint handling and procedures.

 

Authorised firms are required to have effective procedures in place and within these are found to be errors across many firms. This may be due to poor record keeping, misunderstanding of the actual rules or lack of understanding.

 

Why not let us provide an independent complaints review & response service?

 

Things you need to do!

 

MI including Root Cause Analysis (RCA)

Firms should:

 

  • Ensure the MI they collect and analyse (including for RCA) is accurate and relevant to its operations as it is an important tool for firms. It helps to measure whether customers are treated fairly and identify ways improve customer outcomes.
  • Have robust RCA capabilities to identify and remedy any recurring systemic problems. Effective RCA should allow firms to find and tackle the root causes of problems (through a process change or improvement).
  • Have appropriate governance and processes in place to make sure RCA provides strategic purpose, accurately identifying recurring or systemic problems.

 

Complaint handling policies and procedures

Firms must:

 

  • Establish and maintain effective and transparent procedures for the reasonable and prompt handling of complaints. Firms should also make sure they reduce the risk of over reliance on policies and procedures. Firms should consider, for each complaint, whether the customers’ outcome and experience shows the firm has put the customers interests first. Inadequate application of good judgement – and the principle of treating customers fairly – may lead to poor outcomes.
  • Make sure they assess complaints fairly, consistently and promptly.

 

Recording complaints 

Firms should:

 

  • Record complaints accurately. Weaknesses and failures in recording complaints may result in poor customer experiences and outcomes, and affect firms’ ability to put things right.
  • Make sure their internal systems and controls allow staff to identify and record complaints correctly.
  • Have processes in place to make sure the data in its FCA annual or biannual complaints return is accurate.

 

If you have any issues with any of this FCA Complaint Handling detail, or want your procedures reviewed, please contact us or call 020 8087 2377.

 

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