FCA Compliant Complaints Handling

Learn about FCA Requirements & Effective Practice Considerations

A one-day course

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Download: Course Category Brochure | Course Outline

Part One

Session 1: Complaints – what are we talking about in a regulated sense

What do we understand a complaint to be?
The FCA definition and how firms have extended it
Finding the value in complaints
The regulator’s view on complaints?
Current FCA focus on complaints and links to the Consumer Duty
Connected regulation – SYSC, TCF and evidencing our compliance

Session 2: The regulatory environment

The FCA complaint handling rules – key changes and requirements
What the regulator is telling us about their findings – an assessment of the FCA Thematic Review
Examples of good and poor practice as identified by the regulator
The Summary Resolution – its use and implications
How do regulated firms set themselves up to both comply with the FCA rules and deliver value to the client
What the FCA expects of firms
Case Study: reviewing a complaint received regarding communication to a deceased relative. Discussion on how we should manage this.

Session 3: Building an effective complaint handling environment

What does the FCA want from a firm’s framework?
The roles and expectations of Senior Management Functions
Procedures – clarity, practicality, transparency
Effective processes for recording and handling complaints
The need to understand the underlying cause
Linking complaints with financial promotions and product oversight & governance
Systems which deliver consistent, appropriate outcomes in terms of redress
Should we split regulated and unregulated complaints – advantages and disadvantages
Should we encourage the front line to escalate all complaints
What good looks like and how do we often get it wrong?
Putting ourselves in the customer’s shoes
How do we gather and record complaint handling information – are systems fit for purpose?
Case Study – Examples of where frameworks might help or hinder achieving the right client outcome

Part Two

Session 4: Handling Complaints via Telephone and other social technology

How do we handle telephone complaints – the good, the bad and the ugly
The structure and environment for an effective complaint handling team
Dealing with the complaint:
- Starting well – thanking the client for helping you to understand where you fell short of expectation.
- Be clear that they have your attention and you want to help
- The need to gather information
- How we speak and how we behave
- Gaining agreement to the root cause of the complaint.
- Knowing where you want to get to – being flexible on how you get there.
- The value in letting the client get everything off their chest
- Mirroring positively
Directing the conversation naturally
Signposting for the client so they know “what happens next”

Session 5: “The Angriest caller ever…”

Understanding the impact on ourselves
How we should respond vs. how we want to respond
Consideration will be given to:
- Few are comfortable with conflict
- Understanding the need to vent
- Anger can be useful – it shouldn’t be taken personally
- Taking the heat out of the complaint
Earning the customer’s respect and helping them to understand

Session 6: Skilling ourselves to select the most appropriate response

How to respond when we are at fault
What skills do we need and how can firms develop them in staff?
Factors affecting our decision to hold our ground or find with the client
Succinct responses – referencing without repeating the complaint
Delivering the message –with empathy, regardless of the outcome
Case studies: What are your “go-to” phrases to help arrive at the right outcome tactfully? Group discussion on responses that participants would be happy to use and the need to make them work in your own voice

Session 7: Winning back the client

Client involvement in agreeing to a remedy
Explaining the options to a client – how might we proceed
Is there a need to inform or educate the client on why things have happened?
Thinking about future needs (avoiding “I’ve already complained once…!”)

Session 8: The Financial Ombudsman Service

What does the FOS do?
What are their powers/duties/obligations?
What is the process when a complaint goes to the FOS?
Compensation and Redress
Case study: Looking at recent FOS decisions to understand their thinking; and how it should influence ours.

Course Wrap-up:

Summary
Questions
Open forum

Our trainer has over 20 years of experience in compliance and risk management, leading European and Global functions in Wealth Management divisions, custodians and global banks. An ex-regulator, he specialises in regulatory and financial crime compliance and has provided consultancy to retail, private and commercial banking operations as well as fund managers and investment houses.

To enable you to confidently support effective complaints handling.
To understand the FCA’s expectations on how firms handle complaints and organise themselves to handle complaints.
To recognise good practices and avoid poor practices.
To recognise the linkages between the design and marketing of our products/services and our complaints experience – joined-up thinking.
Knowing what constitutes a regulated complaint.
To be able to review your complaints handling procedures, and determine if they are fit for purpose to deliver the right outcomes.
Learn how to handle regulated complaints whether in person or by telephone, with a focus on particularly challenging complaints/complainants.
Be able to identify the best response and win back that customer’s support.
Understand the role of the FOS and what we need to inform clients about.

We have delivered workshops on this subject for over 10 years, and have seen how the FCA complaint handling rules have changed and how firms have successfully adapted to them. We are also well aware of how FCA expectations have changed alongside best practices and mandatory updates.
We have been delivering training for over 20 years on many other key subjects in the financial sector and complaints handling is one of our core competencies. We are certain we know the topic as well as anyone in the marketplace.
We have served clients of all shapes and sizes in the financial sector and are fully aware of the obligations of a regulated firm and what is expected from them by the regulator.
Our FCA complaints handling training course director is experienced as both a regulator and in complaint handling training across wholesale and retail financial firms. He will pass on past experiences to enhance the FCA complaints handling workshop and help bring it to life.
We do not use academics. All our trainers are highly experienced professionals with relevant vocational experience in the real world.
Our case studies enhance the learning points and are often found to be essential in truly understanding the requirements and growing the skills to apply them.
We are always judged by our results which speak for themselves. The feedback received from previous delegates has always been excellent.

Our FCA complaints handling training course is designed for those working in UK-regulated firms and subject to the FCA complaint handling rules. Beyond that, the FCA complaints handling course will add value for anyone in either the first or second line responsible for dealing with, managing or responding to complaints including assessing the overall framework.

Associated bodies such as the Financial Services Ombudsman or other Alternative Dispute Resolution providers would also benefit from a core understanding of the process and regulatory expectations. Some experience of complaint handling would be beneficial but not essential.

The quality of your complaint handling processes and Complaints Data are key metrics for the FCA as they are important indicators of whether regulated firms are actually treating customers fairly by dealing with customer disappointment both professionally and promptly. With continued regulatory consideration of how complaints data gives insight into a firm’s commitment to treating customers fairly, firms, especially senior managers, should be looking at what they are doing to understand potentially negative outcomes for clients and to mitigate those. Complaints Handling data is one of the tools the regulator can use to compare a firm across its peers – if you’re getting higher numbers of genuine complaints or FOS (Financial Ombudsman Service) referrals, you can at some point expect some regulatory scrutiny of your processes.

Although complaint handling regulations haven’t changed significantly in recent years, there is an increased focus as a result of the cross-cutting rules in Consumer Duty. To achieve effective complaints handling we look at the “what” we need to do and “how” we deliver against that.

Our FCA complaints handling training course is designed to be enjoyable as well as instructional with delegate participation actively encouraged. Practical examples are used to illustrate the learning points rather than leaving them as theoretical.

The content was covered well whilst getting the participants involved so you heard different opinions to add to what you would normally think.
The instructor was fantastic - I have never met somebody so enthusiastic about the subject matter and it was very refreshing to see and hear this. It made it so that I was listening to every word he was saying, and it helped keep me engaged in the overall training.
I thoroughly enjoyed this training because it was external, I hope our company and senior management will do this more in the future as a refresher or another segment of FCA as our company moves forward.
The trainer kept us engaged the whole time and great examples were used.

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