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Financial services failing on packaged bank account complaints
Financial services failing on packaged bank account complaints
This is a duplicate of the Blog Entry made on: 23rd October 2016 08:35
This is a duplicate of the Blog Entry made on: 23rd October 2016 08:35
Financial firms delivered fair outcomes in just 44 percent of complaints about mis-sold packaged bank accounts, the Financial Conduct Authority (FCA) has announced. The FCA published findings from its thematic review of packaged bank accounts yesterday (October 20). It said firms are “well below the required standards” when it comes to complaint handling. Less than 50 percent of these mis-sold packaged bank account complaints being dealt with resulted with a fair outcome, the regulator said.
The FCA found detriment, or a likelihood of detriment, had been present in 38 percent of mis-selling complaints. It was also found that firms only followed policies and procedures in 22 percent of all mis-selling complaints cases.
The thematic review covered a range of firms and involved desk-based reviews of data, policies and procedures, firm visits and complaint file reviews between October 2014 and April 2016. In 2013, the FCA introduced new rules on packaged bank accounts to help customers understand whether the product was right for them. Firms are now required to establish and record whether customers are eligible to claim for each of the insurances in the package. They are also required to send annual statements prompting customers to review their eligibility and whether the products continue to meet their needs.
Source: Read more HERE
The FCA found detriment, or a likelihood of detriment, had been present in 38 percent of mis-selling complaints. It was also found that firms only followed policies and procedures in 22 percent of all mis-selling complaints cases.
The thematic review covered a range of firms and involved desk-based reviews of data, policies and procedures, firm visits and complaint file reviews between October 2014 and April 2016. In 2013, the FCA introduced new rules on packaged bank accounts to help customers understand whether the product was right for them. Firms are now required to establish and record whether customers are eligible to claim for each of the insurances in the package. They are also required to send annual statements prompting customers to review their eligibility and whether the products continue to meet their needs.
Source: Read more HERE