Are there any regulatory requirements in respect of complaints handling?
Yes. All firms are required to have in place appropriate and effective procedures for dealing with complaints. These procedures must be written down. A small number of specific rules set out what we see as the minimum standards for an appropriate complaints procedure. These are set out in Chapter 1 of the Dispute Resolution: Complaints Sourcebook in the FSA Handbook, and cover matters such as time limits for dealing with complaints, record keeping, and reporting requirements. Firms must publicise ‘at the point of sale’ the availability of their complaints procedure, and, under certain circumstances, inform complainants of their right to refer their complaint to the Financial Ombudsman Service.
