The Financial Conduct Authority (FCA) is considering a number of recommendations on how financial services firms can improve the way they handle complaints, including removing a rule stating that not all gripes must be reported to it.
A working group comprising 15 major retail financial firms and five trade bodies have suggested removing the regulator's non-reportable complaints rule, which exempts firms from reporting complaints if they are resolved within 24 hours. Recommendations also included reviewing the bi-annual Complaints Return to include more consumer-centric measures, and a revision of how the FCA reports firms' complaints data. It follows a thematic review of how firms handle complaints which, though identifying good practices, also found a number of problems, including that there are inconsistencies i...
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