Complaints against firms—financial services

This overview is a guide to the Lexis+® UK Financial Services content within the Complaints against firms–financial services sub-topic, with links to appropriate materials.

FCA's approach to complaints handling

The Financial Conduct Authority (FCA) regards the way in which a firm handles consumer complaints as a key indicator of that firm's approach to 'treating customers fairly'.

Since taking over from the Financial Services Authority (FSA) in April 2013, the FCA has reiterated its commitment to ensuring that regulated firms have adequate complaints handling procedures and has noted that complaints handling is at the heart of its consumer protection agenda. According to the FCA, it is vital that customers know that if something goes wrong, their complaint will be dealt with in a reasonable way by the firm and that they will get a fair outcome. See the FCA’s website pages on How to complain and Fair treatment of customers.

The FCA also requires that, in some circumstances, firms submit reports to the FCA about the complaints they have received and that firms publish complaints data. The FCA itself also publishes complaints data about the financial services

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Financial Services News

Sustainable finance and ESG weekly round–up—21 November 2024

This week's edition of the Sustainable finance and ESG weekly round-up from the Finance Group includes: (1) ICC issues guidance on successful Carbon Pricing, (2) COP29 round up, and (3) ESAs issue ‘Fit-For-55’ climate scenario analysis results.

HM Treasury issues advisory on Oil Price Cap evasion tactics

HM Treasury (HMT)and the Office of Financial Sanctions Implementation (OFSI) have released an advisory concerning the Oil Price Cap (OPC) regime. The guidance specifically addresses evasion strategies involving the manipulation of product origin through the use of fabricated and falsified Certificates of Origin (CO). This advisory aims to alert relevant parties to the risks associated with such practices and to enhance compliance efforts within the oil trade sector.

FCA proposes extension for handling motor finance commission complaints following court ruling

The Financial Conduct Authority (FCA) has published a consultation paper (CP24/22) on extending the timeframe for motor finance firms to handle complaints related to non-discretionary commission arrangements (non-DCA). The proposed options are either until 31 May 2025 or until 4 December 2025. Responses are sought by 5 December 2024. The FCA also plans on publishing its feedback and its policy statement by 19 December 2024, emphasising that firms should use this extended period to adequately prepare resources for investigating and responding to complaints.

BoE’s Sasha Mills’ speech on the potential transformative impact of innovation in wholesale financial markets

The Bank of England (BoE) has published a speech by its executive director for financial markets infrastructures, Sasha Mills, discussing how innovation in wholesale financial markets, such as tokenisation and programmable platforms, could revolutionise post-trade processes, making them faster, cheaper, and more efficient. The BoE is also exploring ways to maintain central bank money as a settlement asset for digital transactions, including plans for experiments on synchronisation and wholesale central bank digital currency.

View Financial Services by content type :

News