08 October 2010
The FSA has, with the Financial Ombudsman Service, issued a
consultation paper as part of a drive to improve the complaint
handling procedures of FSA regulated firms, including those that
provide and run personal pension schemes. Proposals made
include:
- Firms to identify a senior employee responsible for complaints
handling;
- Abolition of "two-stage" complaints processes;
- Requiring firms to identify and remedy any recurrent or
systemic problems with complaints; and
- Guidance in relation to taking account of ombudsman decisions
and previous customer disputes.
The consultation paper also recommends that the compensation
limit on awards made by the Financial Ombudsman Service increase
from the current level of £100, 000 to £150,000.
The full FSA press release as well as the joint consultation
paper published by the FSA and the FOS can be found here:
http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/151.shtml
