Complaints head failure

Financial services yet to nominate head of complaints

17.08.2011

Half of large financial services firms yet to nominate head of complaints, according to experts at Charter UK

FSA deadline just 2 weeks away

Charter UK, today released new research showing that half of the UK's largest financial services firms have yet to nominate an executive responsible for complaints, an essential requirement to comply with the FSA's incoming regulation, which requires regulated firms to nominate an executive to this role by September 1st 2011 (CP 11/10).

Of the 54 large financial services companies in the UK interviewed by Charter UK, just 27 had appointed a nominated executive with responsibility for complaints. 17 had not yet made a nomination, while a further 10 didn't know if they had made a nomination or not.

51% of insurance companies had made a nomination, compared to 41% of banks and 50% of credit card companies. The requirement is part of a myriad of regulatory changes to the complaints handling process and is a key requirement along the road to compliance in the new regulatory environment.

Paul Clark, Charter UK's Chief Executive, comments:

"This is a concern for the industry. There are just over two weeks to go before firms must show that they have nominated an executive with overall responsibility for complaints. Those companies that have yet to identify the individual within their team, or that are unsure if a nomination has been made, need to get moving as soon as possible.