Complaint Handling, Reporting & Publication (FCA/FOS)
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Brief summary of course

Following the abolition of the Consumer Credit Jurisdiction on 1 April 2014, the date of the transfer of consumer credit regulation from the Office of Fair Trading to the FCA, consumer credit related activities now fall within the FOS jurisdiction that covers all financial firms regulated by the FCA, known as the ‘Compulsory Jurisdiction’ (CJ). The rules and guidance on the CJ are contained in the ‘Redress’ module in the FCA Handbook under the chapter entitled ‘DISP’ (Dispute Resolution: Complaints). Additional obligations were imposed on firms as a result of being compulsory subject to the CJ, namely: ‘complaint recording’ under DISP 1.9; ‘complaints reporting’ under DISP 1.10; and ‘complaints data publication’ obligations under DISP 1.10A.

the facts

In order to meet its operational objective, ‘to secure an appropriate degree of protection for consumers’ (the consumer protection agenda), the handling of complaints is high on the FCA’s radar. The FCA state that it is vital that customers know that if something goes wrong, their complaint will be dealt with in a reasonable way, and that they will get a fair outcome. This statement evidences the FCA’s strict approach to treating customers fairly and links to their high level conduct standards, in particular the Principles for Businesses (PRIN). ‘Dear CEO letters’ are a supervisory tool that the FCA uses to bring to the attention of chief executive officers of firms, namely regulated businesses, matters of regulatory concern. The FCA published such a ‘Dear CEO letter’ in September 2017 addressed to all firms engaging in consumer credit activities, setting out its ongoing concerns about firms’ handling of complaints. In that letter the FCA suggested that firms should review their complaint handling procedures, particularly taking into consideration the issues highlighted in the letter. Firms did not need to notify the FCA about their review or its outcome. However, the FCA may request evidence of compliance with complaint-handling requirements, including details of any reviews undertaken in response to the letter.

course content

a practical summary of the benefits of an effective and compliant complaint handling procedure
the respective complaint handling roles of the FCA and the FOS and their expectations of firms
a review of significant complaint handling rules for consumer credit firms including the rules relating to the FCA publication ‘Improving Complaints Handling’ (CP14/30)
a review any updates or policy developments

course aims

To provide attendees with a practical understanding of:

the operational benefits of an effective complaints handling procedure
the respective roles of the FCA and the FOS
the complaint handling, recording, reporting and publication rules under the CJ for consumer credit activities
any updates or policy developments

For delegates to review their respective customer complaint handling systems in order to ensure compliance with the rules under the CJ and with FCA expectations.

Phone Number
0 1274 714 959
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Complaint Handling, Reporting & Publication (FCA/FOS)

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