Summary
Complaints are frequently viewed as an inconvenience to firms and indeed they can be time-consuming and costly to resolve. However, at the very least, any firm who receives complaints should be interested in the root causes of those complaints in order to address these and improve the service provided by the firm.
One of the impacts of financial services regulation is that there has to be a formal approach to handling complaints by regulated firms. The Financial Conduct Authority’s complaints rules dovetail with its operational objectives to protect customers and financial markets and promote competition.
By the end of this course you will have gained the following knowledge:
An understanding of the importance of complaints to your organisation
Able to define what a complaint is and why they must be recorded
Be aware of the timescales and the process for dealing with regulated complaints
Able to explain the role of the Financial Ombudsman Service
An understanding of how complaint handling fits into the regulatory TCF approach
An awareness of the FCA’s reporting requirements
An understanding of other consequences of complaints received by the firm
