“Troubling” concerns raised about FCA’s handling of complaints
26 June 2020
The Complaints Commissioner recently published a report that contained numerous concerning observations about a case, and observations more broadly about the handling of complaints by the Financial Conduct Authority (FCA).
Rt Hon. Mel Stride MP, Chair of the Treasury Committee, has written to the Complaints Commissioner for views on how well the FCA has dealt with its concerns.
Mr Stride has also written to the FCA for views on whether it has addressed these concerns, how this situation arose, and how it will be prevented in the future.
Mr Stride’s outgoing letters and responses from the Complaints Commissioner and FCA have been published today.
Commenting on the correspondence, Mr Stride said:
“The Complaints Scheme requires that those who complain to the FCA should be provided with timescales; their complaint should be dealt with by people with sufficient seniority; and their complaint should be resolved as swiftly as possible with the aim of satisfying the complainant.
“Whilst it is troubling that the Commissioner has stated that these requirements are not currently being met in some of the cases that reach him, he has also noted that the FCA is making genuine attempts to address these complaints-handling problems.
“The Commissioner, though, has stated that the FCA has not yet solved these problems. It is welcome, therefore, that the FCA has committed to addressing these issues.
“The Treasury Committee will expect to see real progress from the FCA in this area and will be seeking regular updates including in our evidence sessions with the FCA.”
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