Complaints Handling – FCA Requirements

£550.00 +VAT

This course can be presented face to face in-house or via live in-house webinar.

Complaints Handling Course Objectives:

Participants will:

  • Be given a thorough and detailed introduction to the FCA’s rules on the effective handling of complaints
  • Be able to demonstrate the techniques needed to achieve the best complaints outcome
  • Learn how to handle telephone complaints
  • Learn how to deal with challenging complaints
  • Be able to identify the best response
  • Be able to create real customer satisfaction
  • Receive a reminder of the role of the FOS and the FSCS and the obligation to inform clients about them

Complaints Handling Course Content:

Note: Examples will be used throughout the course to enforce and illustrate the learning points

Session 1: Complaints

  • What is a complaint
  • The FCA definition
  • Current FCA focus
  • SYSC requirements
  • Treating Customers Fairly
  • Measuring TCF

Session 2: FCA Rules

  • The November 2014 Thematic Review
  • Key points in the review
  • Examples of good complaint handling from the review
  • Examples of poor complaint handling from the review
  • The June 2016 rules
  • The Key Changes
  • The impact of these changes on regulated firms

Session 3: Good & Bad Complaints Handling

  • What are the FCA looking for
  • Regulated versus unregulated complaints – Should they be separated?
  • Complaint handling procedure
  • What does good look like?
  • What are the common pitfalls?
  • Understanding the customers perspective
  • Your experience as a complainer
  • The first reaction
  • How to listen
  • Sounding confident, caring & helpful
  • Building rapport
  • Active listening
  • Gathering & recording information

Session 4: Telephone Complaint Handling

  • FCA expectations
  • Good and bad practice
  • The composition of the complaint handling team
  • Important components:
    • Make clear at the outset you are glad the client is bringing a shortcoming to your attention
    • Be apologetic and be clear that you want to resolve the complaint amicably and quickly
    • Establish as many of the facts as you can
    • The importance of body language, tone and manner
    • Be clear about the root complaint.
    • Have in mind a likely outcome but be flexible
    • Let the client talk and talk.
    • Avoid “techno babble” and “legal speak” at all costs
  • Managing the conversation without making it obvious
  • Deciding “what happens next”
  • Putting things back on a positive track
  • Getting clear responses

Session 5: Dealing With Challenging Calls

  • The real test of a robust complaints process
  • FCA expectations
  • Good and bad practice
  • Key Considerations
    • We are all uncomfortable making complaints
    • Anger is a safety valve – it is not directed at you personally
    • Defusing a difficult situation
  • Gaining the customers respect
  • Gaining the customers understanding
  • Identifying common ground

 Session 6: Identifying The Best Response

  • Techniques to set a clear objective
    • Responding to complaints when you are at fault
    • Negotiation, assertiveness and empathy – a challenging mix.
    • Making concessions and/or when to stand firm
    • Tact, diplomacy – useful phrases
    • Avoiding lengthy responses to questions which repeat the complaint
    • How to give bad news – up front and with empathy

Session 7: Creating Real Satisfaction

  • Agreeing a remedy
  • Explaining what can or will be done
  • Improving understanding
  • Anticipating future requirements

Session 8: The Financial Ombudsman Service

  • When a complaint goes to the FOS
  • FOS’s duties and obligations
  • FOS’s powers
  • Compensation
  • Redress

Session 9: The Financial Services Compensation Scheme

  • Role of FSCS
  • Powers of FSCS
  • Compensation Limits

Course Conclusion

  • Summary, Open Forum, Wrap up.

Background of the Trainer:

Your course director has spent more than 40 years in the banking and financial sector, much of it in a senior managerial/Director role. He is a former Institute of Banking Lecturer, having gained distinctions in the exams. He is a subject matter aspect on all aspects of retail, corporate and global banking, including risk management and regulatory compliance as well as soft skills.

Mark has trained extensively at both leading global financial institutions and smaller bespoke specialists as well as legal practices.

He has delivered extensive programmes in all parts of the world including the USA, Europe, MENA, Africa and Hong Kong. He is currently an accredited Master Trainer at the world’s biggest global bank where he trains senior middle managers in risk management.

Complaints Handling Course Summary:

Complaints Handling appears to be a hot topic for the FCA – and rightly so. This is the mechanism by which clients tell you something is wrong. You have to decide is it you, is it the process, is it the sales literature or are we dealing with a serial complainer. In reality and to be brutally honest, the latter is rarely true. The majority of people have a valid point when they take the trouble to complain and it’s how firms respond and manage these valid complaints that is an indication of how much is really invested by the firm in the concept of  the interest of clients first philosophy, championed by the FCA. In fact the best managed businesses embrace complaints regarding them as free market research and an opportunity to put things right.

A satisfied complainer will evangelise your service to others for free! An unhappy and unsatisfied client will do the opposite.

In the view of the FCA, the ability of retail consumers to be able to complain to financial services firms is regarded as being of the utmost importance and again so it should be. In June 2016 a revised procedure was introduced scrapping the previous “24 hour” dispensation and replacing it with a process designed to add more transparency for consumers by invoking a resolution summary process setting out the options. It is crucial for all firms to have transparent, efficient and effective complaints handling processes and procedures in order to comply fully with the latest FCA Rules. This course will go through what the FCA expects a firm to have in place, as well as providing detail on the systems that govern complaints handling when a firm and a customer cannot agree and a matter is referred to the Financial Ombudsman Service.

Information on the Financial Services Compensation Scheme will also be provided.

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10 October 2018, 18 March 2019, 9 September 2019