UsefulFeedback enables finance sector to meet new FCA 2016 complaint handling rules

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UsefulFeedback has released a dedicated on demand SaaS solution to help UK finance firms meet the requirements set out by the FCA in its recent policy statement ‘PS15/19: Improving complaints handling, feedback on CP14/30 and final rules’. This policy was developed following the FCA's Thematic Review of complaint handling during 2014.

Complaint Management Software

UsefulFeedback

The requirement for 2016 to report all complaints means there is a need to put an appropriate complaint management solution at the fingertips of frontline staff.

UsefulFeedback has released a dedicated on demand SaaS solution to help UK finance firms meet the requirements set out by the FCA in its recent policy statement ‘PS15/19: Improving complaints handling, feedback on CP14/30 and final rules’. This policy was developed following the FCA's Thematic Review of complaint handling during 2014.

Hans Grefte, Managing Director of UsefulFeedback, said: “The policy statement stipulates five main points as new requirements for firms. These look to be straightforward enough, however there are significant implications for the systems and tools that the finance sector uses to manage customer complaints.”

Hans Grefte continues: “One of the new requirements is to report all complaints. Currently, complaints resolved by the end of the next working day by frontline staff in a less formal way do not need to be reported. The requirement for 2016 to report all complaints means there is a need to put an appropriate complaint management solution at the fingertips of frontline staff.”

The FCA published the findings of the review in November 2014 in a previous document ‘Thematic Review TR14/18: Complaint handling’.

“This document identified a learning opportunity. It noted a lack of access to systems, an inconsistent approach across firms and the potential for inaccuracy and duplication in processes. The lesson is to consider how best to avoid consumer frustration when complaints are inaccurately recorded and to make accurate recording simple and easy for frontline staff,” Hans Grefte said.

The new platform provided by UsefulFeedback allows UK finance firms to sign up online to an enterprise solution that is ready for the 2016 FCA rule changes. Firms are able to put a powerful and easy to use complaint management solution at the disposal of frontline staff, complaints teams and compliance managers. Benefits of the UsefulFeedback Complaint Management solution include:

  • A dedicated zero-training complaint resolution interface for frontline staff
  • Summary resolution communication by SMS, email or automated postal delivery
  • Easy to use case management, collaboration and root cause analysis tools
  • Embedded BI platform automatically generates FCA returns and delivery of reports via email
  • Supports multiple brands, different legal entities and varied product groups in a single platform
  • Extensive integration including single sign on, REST API, email and social media integration
  • Responsive, intuitive user interface works equally well on desktops, tablets and smartphones
  • Resilient cloud infrastructure proven to deliver near 100% uptime over the past 6 years
  • Used by enterprises handling in excess of 1 million complaints per year
  • ISO32001 and CESG accredited information security trusted by major UK and US finance firms

http://www.usefulfeedback.com/

About UsefulFeedback
UsefulFeedback is owned and managed by a team that have made a professional habit out of helping organisations of all types to better manage complaints and feedback. Our business is the coming together of two key areas of expertise - software design and cloud architecture coupled with a deep understanding of complaint management, as both a process and the practice of consumer redress.

Notes to editors
FCA policy statement ‘PS15/19: Improving complaints handling, feedback on CP14/30 and final rules’ confirms the following new requirements for finance firms:

1. Extending the ‘next business day rule’, where firms are permitted to handle complaints less formally, to three business days after receipt

2. Reporting information on all complaints received to the FCA, including those handled by the close of three business days

3. Raising consumer awareness of the ombudsman service, by sending a ‘summary resolution communication’ following the resolution of complaints handled by the close of the third business day after receipt

4. An improved ‘Complaints return’ which requires firms to send us data twice a year on the number of complaints they receive

5. Limits on the cost of calls made by consumers

Links
‘PS15/19: Improving complaints handling, feedback on CP14/30 and final rules’
FCA full policy statement PDF
http://www.fca.org.uk/your-fca/documents/policy-statements/ps15-19

‘FCA consults on complaints handling improvements’
FCA policy statement press release
https://www.fca.org.uk/news/fca-consults-on-complaints-handling-improvements

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Michael Hill
UsefulFeedback
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