The problem with this system is that the FSA rules say a 'an expression of dissatisfaction' is a complaint yet the banks insist that you make it 'official' before they will investigate it, that slashes the number of complaints 'received' and reportable.
There should be a central facility for consumers to register that they have 'expressed dissatisfaction' which means the complaint should be investigated and reported to the regulator. As someone who has seen both sides of this great divide over almost three decades as an adviser, as a defender of advisers and and now also as a professional claims manager working with authorised firms who identify bad practice I see so many consumers being given the run around by firms who do not respond to complaints in writing at any stage in the hope that the complainant will go away.
Ultimately we have to ask why there is a massive claims industry, from the FSA through the FOS to the FSCS the situation is untenable. We need to ask searching questions of the regulators as to why after 25 years of regulation the complaints are on the rise rather than on the decline as we have a right to expect and as Parliament intended.
There should be a central facility for consumers to register that they have 'expressed dissatisfaction' which means the complaint should be investigated and reported to the regulator. As someone who has seen both sides of this great divide over almost three decades as an adviser, as a defender of advisers and and now also as a professional claims manager working with authorised firms who identify bad practice I see so many consumers being given the run around by firms who do not respond to complaints in writing at any stage in the hope that the complainant will go away.
Ultimately we have to ask why there is a massive claims industry, from the FSA through the FOS to the FSCS the situation is untenable. We need to ask searching questions of the regulators as to why after 25 years of regulation the complaints are on the rise rather than on the decline as we have a right to expect and as Parliament intended.
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