FSA stresses importance of good complaint-handling in banks

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FSA stresses importance of good complaint-handling in banks

The Financial Services Authority (FSA) has highlighted the importance of banks having a good complaint-handling service and is investigating institutions that it feels are not up to scratch in this area.

Dan Waters, director of conduct risk at the industry body, explained that the organisation found some examples of good practice, but not in all of the banks reviewed.

He emphasised how much of a priority the issue is for the FSA and described the quality of a firm's complaint-handling procedure as a vital indicator as to how fairly its customers are being treated.

"It is vital that customers know that if something goes wrong, their complaint will be dealt with in a reasonable way and that they will get a fair outcome," stated Mr Waters.

The investigation by the FSA found that five banks in particular were not dealing with complaints in a sufficiently effective way.

This week, it began a consultation period - ending on June 25th - regarding proposed changes to the organisation's handbook granted by the Financial Services Act 2010.

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