This immersive eLearning course explores how firms can respond to customer complaints effectively and in line with the guidelines set by the Financial Conduct Authority (FCA).
This course will enable learners to differentiate between a regulated and unregulated complaint. The course also explores how to handle, investigate and respond to customer complaints, the preventative actions that can be taken, and the role of the Financial Ombudsman Service in resolving disputed complaints.
This online training course on Customer Complaints Handling is broken down into the following main topics.
This online training course on Customer Complaints Handling is broken down into the following main topics.
The FCA handbook defines a complaint as an oral or written expression of dissatisfaction, justified or not, from a person (or on their behalf) about a financial service or redress. This topic covers the definition of a complaint, the difference between a regulated and unregulated complaint, and what to look for when recognising a customer complaint.
When a regulated complaint is received, it is not only important to comply with FCA regulation but also ensure timely resolution of complaints. Resolving complaints also prevents them from being escalated to the Financial Ombudsman Service. This topic explores how to handle customer complaints efficiently by following the principles of ACT – acknowledge, confirm your understanding and take responsibility.
When investigating a complaint, employees should take an objective and impartial approach. An investigation must also consider all information recorded on company systems. This topic enables learners to understand the process of investigating a complaint and the factors to consider while trying to find a resolution.
The FCA requires that complaints are managed from receipt of a customer complaint to final response within a strict timeline. This topic covers the key steps to take as soon as a complaint is received and enables learners to understand the entire timeline and reasoning behind each step, documenting the process, reporting to the FCA and maintaining a complaints’ register.
If a customer complaint is upheld, regulated firms are required to perform root cause analysis to try to identify preventative actions. This topic enables learners to understand the purpose behind conducting Root Cause Analysis (RCA), the differences between systemic and non-systemic causes and the importance of taking preventive actions.
Preventing complaints from being escalated to the independent official body, Financial Ombudsman Service (FOS), helps save time, reduces the impact on company human resource and reduces the risk of regulatory investigation. This topic covers the role of the FOS, how it helps customers and the legal obligations for companies.
Go behind the scenes at fictional firm Monimate and explore how to deal effectively with regulated complaints and keep customers happy. Take the challenge to make the right decisions to support and respond to dissatisfied customers effectively. Aim for a top Trustzar service rating for Monimate or risk a loss of reputation or a compensation by the Financial Ombudsman Service (FOS).
The goal is to achieve a top-star rating and comply with the FCA’s requirements for complaints handling and dispute resolution. Failure to deal with the complaints effectively will lead to not achieving the required star rating and the risk of failing the course.
Learners can take the assessment again to improve their score.
| Number of Learners | Cost (per year) | |
|---|---|---|
| 1 - 10 | ||
| 11 - 20 | ||
| 21 - 50 | ||
| 51 - 100 | ||
| 101 - 150 | ||
| 150+ | ||
| Number of Learners | Cost (per year) | |
|---|---|---|
| 50 - 100 | ||
| 101 - 200 | ||
| 201 - 300 | ||
| 301 - 400 | ||
| 401 - 500 | ||
| 501 - 750 | ||
| 751 - 1000 | ||
| 1001 - 2500 | ||
| 2501 - 5000 | ||
| 5000 - 10,000 | ||
| 10,000 + | ||
Included Features
Good customer service is essential for the success of your organisation, especially when things don’t go to plan. All authorised firms must follow the Financial Conduct Authority’s (FCA) dispute procedures and dealing effectively with customer complaints is critical. Train your staff to understand the significance of regulated complaints and how to manage them. It is not only vital for maintaining good relations with your customers but also for compliance with FCA regulations.
The Financial Conduct Authority’s (FCA) regulations require firms to have ‘effective and transparent procedures for the reasonable and prompt handling of complaints must be established, implemented and maintained’. This means business must publish a Complaints Policy so that existing and new employees are familiar with relevant procedures involved with handling complaints. Complaint handling can vary as per specific business and sector; however, several procedures are generally accepted as best practice for responding to feedback.
Regulated firms are obligated to have a Complaints and Compliments Policy under the Financial Conduct Authority’s (FCA) regulations. The FCA states that, ‘effective and transparent procedures for the reasonable and prompt handling of complaints must be established, implemented and maintained’. The procedures can be ‘established’ and made accessible to all staff members, board members and contractors via the policy.
Unless the complaint is resolved within 3 business days, all firms are required to respond in writing to let you the customer know they have received the complaint. Regulated business must respond to a complaint in writing in 8 weeks while payment service providers and e-money issuers must respond to complaints within 15 business days. If a business or firm fails to respond within the relevant time period or the customer is unhappy with the outcome, they can make a complaint to the Financial Ombudsman Service.
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