The Financial Services Authority is set to abandon rules which require financial companies to respond to customer complaints and disputes within a fixed period, says the Independent .
In particular, firms would no longer have to acknowledge receipt of a complaint within five working days, reports the paper. Instead, they would simply be asked to respond "promptly" and the requirement to send a letter after four weeks to tell the customer how the complaint is progressing – along with another alert after eight weeks saying the Financial Ombudsman Service (FOS) can be contacted to seek a resolution in case of being dissatisfied – could also be scrapped. A spokesman for Which? stated: “Respond promptly could mean anything. When we have been investigating endowment mis-s...
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