FSA to consult on Mifid complaints-handling

At present, firms must comply with the FSA’s Dispute Resolution Complaints Sourcebook, which contains very detailed requirements for handling complaints and specific timeframes to respond within. For example, the sourcebook states firms must send a written acknowledgment of a complaint to the complainant within five business days of its receipt and must issue a final response or holding response within four weeks of receipt. By contrast, Mifid merely requires member states to implement procedures for the “reasonable and prompt” handling of complaints received by firms from retail clients...