The new proposals for financial services firms will mean that firms will have longer to resolve complaints on a less formal basis. Firms will now have three days to address a consumer’s complaint and resolve it.

The FCA’s intention behind the rules is to enable firms to resolve more complaints first time instead of complying with current one day targets for doing so.

In addition, firms will have to report all complaints to the FCA, including those handled by the close of three business days after receipt by the firm.

Further the Financial Conduct Authority (FCA) had issued a Policy Statement comprising its finalised rules on complaint handling. Important new implications for firms filling out the GABRIEL complaints return next year have now come to light.

Firms reporting complaints data next August for the period January to June 2016 will need to use the new complaints form.

Although it will not be available on GABRIEL until February or March 2016, the new form requires new data to be collected, so changes to recording systems will need to be implemented before the reporting period begins i.e. by January 2016.

Policy Statement 15/19 sets out final rules on complaints handling which can be found here. http://bit.ly/1HUfb1d

A copy of the new form is contained in the Policy Statement. http://bit.ly/1HUfb1d