Wednesday 1st June 2011
The FSA has introduced new complaints handling rules as part of a package of measures to drive up standards within the industry.
The new rules include the abolition of the ‘two-stage’ complaints handling rule to make sure firms resolve complaints fairly and do not dismiss them the first time, requiring persistence from the customer to pursue the complaint;The consultation statement also confirms an increase to the limit on awards made by the Financial Ombudsman Service from £100,000 to £150,000.Sheila Nicoll, the FSA’s director of conduct policy, said: ''We would rather customers were not put in a position where they had to complain, but when they do we want them to be treated fairly by their firm, with their complaint resolved promptly and being provided with redress when needed.The new ruling also requires firms to identify a senior individual responsible for complaints handling and additional guidance to help firms understand the processes they might need in place to meet the new requirements.Ms Nicholl added: ''Good complaints handling contributes to customer loyalty and should provide the opportunity for firms to put right problems in product design or sales before issues become widespread. But we have found major failures with the way firms handle customer complaints and have since taken enforcement action against two firms as a result of poor complaints practices.''The news comes after the FSA announced a fine for Bank of Scotland of £3.5 million for failures related to complaints handling of its retail investment products - many from older customers with little or no experience of investment products.This is the second firm fined following the FSA’s review of complaint handling practises by five major banking groups. Royal Bank of Scotland and Natwest were fined £2.8 million in April 2010 for multiple failings in the way they handled customers’ complaints.Manchester debt firm is liquidated owing creditors over £2.2m
Wednesday 11th August 2010
Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010
Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010
Barclays lifts lid on banking write-offs
Wednesday 20th February 2008
Send To Friend Print
RSS Feed News Archive If you have any queries about this news story or our news section, please contact us
Posted in: 
0 comments:
Post a Comment