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Reminder: Changes to Complaints Handling & Reporting

16th June 2016

Complaints Handling & Reporting Requirements are Changing

There are just two weeks to go until the new Complaints Handling Rules take effect this month from 30th June 2016.

Following the publication of the revisions to the Complaints Handling rules last July in Policy Statement PS15/19: Improving complaints handling and the final rules, with effect from the last day this month, firms will have to have in place new policy and procedures for dealing with complaints.

In addition, firms will have to be able to accurately record complainant data ready to submit a complaints return to the regulator every six months.

What is changing?

For more detailed information on the Revisions to the Complaints Handing rules, please refer to our previous article, however in summary, the changes taking place this month include:

• One day complaints rules (the informal response period) will be extended to three business days;
• Firms will have to send a summary resolution communication to complainants;
• Whilst firms weren’t previously required to report upon complaints handled informally under the one day rule, it will now be mandatory for ALL complaints to be reported to the regulator every six months (even if Nil).

More information on Changes to Complaints Reporting:

Whilst the New Complaints Reporting rules will come into effect for reporting periods from 30th June 2016, it is expected that first submissions of these reports will be due in Gabriel to the regulator by early February 2017.

In addition, firms with 500 or less complaints in a reporting period will be able to complete a shortened complaints return whilst those without any complaints will be able to submit a Nil Return.

Who is Affected?

Since all regulated firms must have a complaints handling process in place, the new rules will affect all types of firm across the financial services.

Regulatory Support

If you are unsure of your regulatory requirements with regards to Complaints Handing or the new Complaints Reporting requirements and would like more information or assistance, please get in touch with our experienced Regulatory Support team.

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