Compliance teams across the UK are gearing up for the latest changes to complaints handling, the bulk of which come into effect today, 30th June. The scope of the regulation is designed to improve positive outcomes for customers. But at FLOvate, we strongly believe that there are positives to be gained by firms too…
At FLOvate, we have a long history of helping financial services firms meet their regulatory requirements. So when the latest changes to complaints handling were announced last year, we got onto it straight away to ensure our customers were prepared to meet these latest demands.
The changes are the result of a thematic review that saw the FCA working alongside retail firms. It is clear that the changes are not simply for changes’ sake, but as a way of improving positive outcomes for customers.
We have produced a short video which explains very simply, how the LEAP complaints handling solution can help firms meet these changes.
Headline changes as a result of today’s legislation are:
- Extension of “three day window” – designed to help firms deal with less complex complaints more quickly, without having to be carried over into the more formal 8 week period
- Obligation to provide complaints data to the FCA – including those that were handled within the new, extended 3 day window (in the past, those received and resolved in one working day did not have to be reported)
- Summary resolution communication – firms must inform customers when they believe the complaint is resolved and let them know of their right to complain to the ombudsman if they are dissatisfied with the firm’s handling of their case.
Meeting these obligations raises questions such as:
- How can we equip our frontline staff to understand which complaints should be resolved in three days – and which should be escalated?
- Are our systems adequately set up to make reporting a simple process?
- How can we ensure effective communication with customers?
- Are we able to undertake root cause analysis and tackle customer complaints for good?
To this end, we have created an complaints handling solution that’s all ready to go…
Why choose the LEAP complaints handling solution?
- Low-code: quick to build and evolve. No need to involve software developers.
- Tried and tested: over 20 years’ experience working with leading financial services firms
- Configurable: LEAP is a process automation platform, not just a complaints handling solution. Create and build processes to meet any regulatory or operational need.
Tackle complaints with confidence – we can show you how: