The Great Fire of London was finally extinguished 350 years ago today. New insurance structures emerged in the aftermath of the Great Fire – which bear striking resemblance to some of ...05 September 2016
UK: FCA publishes results of Thematic Review on Complaints Handling
The purpose of the review was to identify any barriers within firms that prevent effective complaint handling. The review did not address PPI complaints.
The FCA has not made specific recommendations, but the report notes that all firms should consider how the FCA's findings relate to their own complaint handling operating models, policies and practices. The FCA has suggested that firm might like to focus in particular on:
- whether their complaints-handling policies have consumers' interests at their heart and avoid a tick-box approach;
- reviewing their definition of "complaint" and training staff where the definition is not properly understood; and
- whether their systems and processes could inhibit accurate recording of complaints;
As a result of the review, the FCA is considering making changes to the DISP rules in the FCA Handbook. The working group proposals also included reconsidering firms' biannual reporting of complaints data to the FCA.
The FCA is doing further research with a view to developing policy proposals and expects to consult on them soon.
The Insurance Act 2015 (the "Act") comes into force tomorrow. It represents a fundamental departure from existing insurance law. The changes impact on a number of key areas which are...11 August 2016
The Supreme Court published two judgments on how dishonesty affects insurance claims before the end of the most recent Trinity term:10 August 2016