FCA publishes Dear CEO Letter on complaints handling for consumer credit firms
On the 13th September the FCA published a Dear CEO Letter to consumer credit firms identifying issues that it has identified as a result of a review of consumer credit firms’ complaints handling processes. These issues include:
- not providing correct information about the right to contact FOS;
- not publishing information about complaints procedures correctly on the firms’ own websites;
- not providing suitable final responses to complaints;
- not carrying out sufficient investigation into the cause of complaints in order to rectify any root cause of those complaints; and
- incorrectly recording complaints.
The FCA has said that it expects all consumer credit firms to review their practices in respect of complaints handling to ensure compliance. A full copy of the letter can be found here: Dear CEO Letter