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The FCA has announced changes to the rules covering the recording, reporting and publication of complaints.
The changes, which come into force during 2016, follow last year’s thematic review and market consultation on complaint handling in the financial services industry. The final changes were set out in a policy statement (PS15/19) issued in July.
Overview of the key changes being introduced:
The new rules also introduce a ‘Summary Response’ letter for complaints being managed as ‘Informal FCA Reportable’. The letter covers complaints resolved with the customer by the close of business, three business days after they are received. This letter will need to include a number of mandatory points covering the rights of referral to the Financial Ombudsman Service.
Arc Legal continues to work with its partners and clients to ensure complaints procedures are customer-focused, robust and fully compliant. In response to the FCA changes, we are making the necessary changes to ensure we log all complaints, including those resolved by close of business the next working day, in our FCA submissions from 1st January 2016 and will respond to the changes in complaint handling timescales that take effect from 1st July.
If you would like to know more about our complaints processes and procedure then please contact your Account Manager.