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FCA Complaints Handling

FCA Complaints Handling

​The FCA complaint handling requirements are contained in the Dispute Resolution Sourcebook and require firms to operate a complaint handling process, including ensuring that complaints are acknowledged promptly and that a full response is issued within 8 weeks of the complaint date.

Once the firm has completed its internal complaint handling process by issuing a final response, or if a final response is not issued by the firm within 8 weeks of the complaint date, the complainant may choose to take the complaint to the Financial Ombudsman Scheme.

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If this occurs the firm must assist the Ombudsman and comply with any decision made by it.

 

As part of the firm’s systems and controls, it must undertake root cause analysis to ascertain what remedial action should be undertaken in order to prevent future complaints of the same nature from occurring.

Failure to undertake complaint handling in the appropriate way, or failing to assist the Ombudsman, can lead to the FCA taking enforcement action against your firm.

There are a number of ways we can help ensure that governance of your complaints processes is appropriate and include:

  • Review or design of your overall complaints process

  • Review and/or production of a written Complaints Procedure

  • Establishing the accuracy of current written procedures against firm actions

  • Review or design of supporting documents such as summary procedures and letter templates

  • Training of staff to implement new or revised procedures

  • Root cause analysis workshops to establish potential weaknesses in the business and prevent relapse

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Ongoing FCA Compliance

As an FCA authorised person or firm, you might need help to ensure you comply with the FCA’s rules.

We provide our clients with support they need to maintain compliance and avoid breaching the rules. Our bespoke service is individually tailored to each of our client’s requirements and objectives to help them meet in the best way possible.

Whether you need documentation to help you remain compliant, want ongoing advice or support, impartial monitoring of your activities or anything else, MEMA may be able to help.

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Why Choose MEMA?

MEMA has been supporting firms through the FCA compliance process since 2019. In that time, we have helped hundreds of businesses to successfully gain and retain FCA authorisation.

We have a unique blend of experience from ex-regulators, big 4 consultants and fin/regtech specialisation. Our team is highly experienced and expertly skilled. We specialise in providing our clients with solutions to often complex regulatory requirements and compliance needs.

Our unique industry insight and comfort with compliance enables our team to support you to the fullest extent possible, helping to develop your business model and compliance.