Summary of the changes:
The FCA has amended its DISP handbook to make commencement dates for complaints reporting requirements more consistent and clear, to clarify for firms how to send written communications to complainants and make corrections to the complaints return and guidance. This sees the extension of the one day (close of next business day) resolution of complaints, to a three day (from the next full day) period, but will require firms to provide additional reporting to the FCA within the GABRIEL return. Previously, complaints resolved by the close of the next business day were not subject to the reporting rules.
Complaints resolved by close of the third business day and the summary resolution communication
For complaints which are resolved by the close of the third business day, the FCA has removed the requirement for respondents (the firm) to keep the complainant informed (DISP 1.6.1R(1)), that is to send the complainant a prompt written acknowledgement of the complaint. Given the short timeframe in which complaints are resolved, the FCA believe it is unnecessary for firms to have to send a written acknowledgement and a summary resolution communication to the complainant in writing. This reflects the position as it currently exists under the ‘next business day rule’ (DISP 1.5).
In respect of the ‘summary resolution communication’ (DISP 1.5.4R), the firm must provide the complainant with information about their right to refer a complaint to the ombudsman service. The FCA proposes to amend this to clarify that the firm must send the ‘summary resolution communication’ promptly (after the complaint has been resolved).
Changes to complaints reporting and publication
Firms must complete the new complaints return and report all complaints for reporting periods which commence on or after the 1st January. There will be a transition to the full reporting requirement and this is confirmed below;
• Reporting periods commencing on or before 31 December 2015, the current complaints reporting, complaints publication, and related forms continue to apply, meaning these firms will not be required to report or publish information about all complaints received (including those resolved by next business day).
• Reporting periods commencing between 1 January and 29 June 2016, firms will have to report and publish information about all complaints received (including those resolved by close of the next business day), but will not be required to report and publish information about the percentage of complaints closed or resolved within three days, or closed after three days but within eight weeks. This means that these firms will not have to report or publish such information in advance of the introduction of our new rules on resolving complaints by the close of the third business day.
• Reporting periods commencing on or after 30 June 2016, firms will be required to provide all the information in the new complaints reporting and publication rules and forms. A new form will be available on the GABRIEL online reporting system.
