08 May 2020

This article was written by Ciara Davies.

On prioritising complaints, in its statement, the FCA has stated that it expects firms to prioritise promptly paying complainants who have been offered redress and accepted that offer. In addition, those who are vulnerable to harm if their complaint is not resolved promptly or fairly should also be prioritised alongside micro-enterprises and small businesses who are likely to face serious financial difficulties if their complaint is not resolved promptly and fairly.

The FCA asked firms to be aware of the fact that COVID-19 and the associated public health measures would be likely to exacerbate the personal circumstances that cause vulnerability.

Any firm that is experiencing material difficulties in complying with chapter 1.6 of the Dispute Resolution: Complaints sourcebook should let the FCA know and relay the steps it is taking to manage and address its non-compliance.

The FCA refers to letters it has exchanged with the Financial Ombudsman Service (FOS) that provide additional clarity for firms on how the FOS will approach complaints during this time.

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