Firms could be forced to identify a senior individual responsible for complaints handling in future, the FSA has said.
The regulator has proposed changes to its complaints handling rules as part of a package of measures to drive up standards of complaints handling within the industry.
Today’s consultation paper is key to the FSA’s consumer protection agenda and is aimed at ensuring that more firms resolve complaints promptly and fairly.
As well as having someone visibly responsible for complaints handling, proposals include the abolition of the ‘two-stage’ complaints handling rule to incentivise firms to resolve complaints fairly the first time and the underlining of the requirement for firms to carry out root cause analysis, by identifying and remedying any recurrent or systemic problems with complaints, and to take action where appropriate.
The FSA is also proposing additional guidance in relation to taking account of ombudsman decisions and previous customer complaints and learning from the outcome.
In addition, the regulator has also published firm-specific complaints data, enabling customers, for the first time, to compare and contrast the way different firms deal with their complaints.
The FSA is committed to greater transparency where it will benefit consumers. Publishing this data brings complaints to the attention of firms and consumers alike, and gives firms a benchmark and an incentive to improve how they treat their customers and handle complaints, the FSA said.
It said: “Good complaints handling standards should be the rule not the exception and complaints handling forms a key part of our intensive and intrusive approach to supervise how firms deal with their customers.
