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New Complaints Reporting Requirements starts June 2016

New Complaints Reporting Rules effective 30th June 2016

18th May 2016

Next month the New Complaints Handling Rules will come into play on 30th June 2016.

Before the new rules take effect, firms will need to have reviewed and revised their complaints handling processes and internal procedures to adhere to the new requirements.

In addition reporting systems will need to have been updated and staff will need to have been trained on the new rules since they bring into existence new categories of complaints that will need to need to be correctly recorded for reporting purposes.

More information on the Revised and Final Complaints Handling Rules can be found in our previous article, however a summary of the new complaints rules is as follows:

Summary of New Complaints Rules:

In summary the new complaints handling rules to be introduced on 30th June 2016 are:

• An extension of the informal response period from one business day to three business days
• A requirement to send a summary resolution communication to complainants
• A requirement to submit a Complaints Report every six months

Mandatory Complaints Reporting

The requirement to send a Complaints Report is inclusive of all firms and even those firms that have no complaints to report will still need to submit a Nil Return.

Fortunately for firms that have only a few complaints to report (500 or less) then there will be a shortened Complaints Reporting form to complete.

Whilst the gathering of data for Complaints reporting is set to become much more granular, this data should prove invaluable to a firm’s management as it will allow them to identify how, when and where issues arise within their businesses and may even act as an early warning signal for potentially larger or more systemic problems.

Handling of Complaints & Reporting Support

If you would like assistance in reviewing your complaints handling processes or would like additional support in preparing for the new Complaints Reporting submission, please get in touch with our experienced regulatory support team.

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