Complaints Handling
We are able to handle complaints made against your firm and advice given to a client from their previous adviser. Firms must have their own internal complaints handling procedures and comply with the rules (set out in the DISP Chapter of the FCA Handbook) which also sets out timescales within which responses to complaints must be given to customers.
The Financial Conduct Authority (FCA) follows a five key stage approach to complaint handling. These stages are essential for ensuring that complaints are addressed effectively and fairly:
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Identifying a Complaint: Firms must recognize when a customer raises a complaint. This initial step involves acknowledging and understanding the issue.
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Recording a Complaint: Once identified, the complaint should be formally recorded. Proper documentation ensures transparency and accountability throughout the process.
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Internal Reporting of a Complaint: Firms need to report the complaint internally. This step involves sharing relevant details with the appropriate teams or individuals within the organization.
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Provision of Redress: If the complaint is valid, the firm must provide appropriate redress to the affected customer. Redress can take various forms, such as compensation, refunds, or corrective actions.
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Carrying Out Root Cause Analysis: To prevent similar issues in the future, firms analyse the root causes of the complaint. This step helps identify underlying problems and implement necessary improvements.
Effective complaint handling is crucial for maintaining consumer trust and ensuring fair treatment. By following these key stages, firms can address complaints promptly and enhance their relationships with customers.
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To learn more about how we can support you with complaints and your complaints procedures, click the button below to book a free no obligation consultation.