The Complete Run-Down Of Complaints Handling In Financial Services
2 min read
Complaints handling is difficult for any business, but especially within the Financial Services, having to abide by RG 271 adds another layer of difficulty. For many, this means that their systems and processes will need a significant upgrade.
If you’re working in the financial sector and wondering how to handle complaints for your business, then you’ve come to the right place. In this blog, we’re sharing a complete run-down of complaints handling for you.
The first step for financial firms is to ensure that their company’s complaints process is simple for people to voice their concerns through. It needs to be visible, accessible, and easy to understand. It also must be free. These are the requirements for RG 271.
Respond in a Timely Manner
When it comes to responding to complaints, financial services must act in a timely manner. They also must adhere to the RG 271 requirements for issuing responses within maximum timeframes. For most complaints, this is 30 calendar days after first receiving it, but does vary depending on the type of complaint.
It’s also important to ensure that any refunds, discounts, fee waivers, correction of records, and compensation payments are implemented in a timely manner.
Manage Systemic Issues
Complaints can give you insight into areas of your business that need improvement. If you are receiving repeat complaints, this can indicate a systemic issue in your business. For financial firms to be compliant in RG 271, they must have a process to resolve systemic issues. This includes:
Set clear accountability for complaints handling functions
Encourage and enable staff to escalate any possible systemic issues they encounter in individual complaints
Consistently analyse complaint data sets to identify systemic issues
Promptly escalate possible systemic issues to appropriate areas within the firm for investigation and action
Report internally on the outcome of investigations, including actions taken, in a timely manner
Gather & Analyse Data
Another important aspect of complaints handling is gathering and reporting on data. According to the RG 271 guidelines, financial firms must have an effective system for recording information and keeping track of the progress of complaints.
For financial services, being RG 271 complaint in their complaints handling process is crucial. Getting compliant can be a complicated process, and require trained staff and more sophisticated software systems. If you are unsure if your business is compliant, talk to the experts at Causia for advice.
Need a better way to handle complaints?
If you’re looking for an easier way to track, manage and resolve complaints, then take a look at our software.
At Causia®, our Complaints Pro® software gives you complete visibility and control of your complaints, incidents and risks in a single integrated solution.
Book a demo or talk to our expert team today to streamline your approach.