The FCA's 'Dear CEO' letter to consumer credit firms also gets a mention. This addresses complaints handling, and can be found here. The review has thrown up some disappointing results, and the regulator flags the following areas where improvements are needed:
- Firms are failing to consistently inform consumers of their right to referral to the Financial Ombudsman Service
- Firms often fail to provide consumers with a clear explanation of the outcome of their complaint
- Firms must improve their processes for analysing and remedying the root causes of failings
These are broad themes that should be addressed by firms in all sectors, so it's worth asking whether you've got the basics covered. If you're not sure where to start, our team will be happy to lead you through a thorough review - so get in touch!