Does every firm have to send a complaints return to us?
Submitting a complaints return is one of the requirements on firms set by the Handbook Chapter, DISP (Dispute Resolution: Complaints). However there are certain types of firm that DISP does not apply to: • Lloyds of London and its members (though see DISP 1.11); • a UCITS qualifier; • an authorised professional firm insofar as its non mainstream regulated activities are concerned; and • credit unions (since they are not subject to DISP – however they do have to follow somewhat similar requirements of complaint handling and reporting as set out in CRED). All other types of firm are covered by DISP, so have to submit complaints returns, unless they claim an exemption on the basis that they do not conduct any business with eligible complainants (i.e. complainants eligible to refer their complaints to the Financial Ombudsman Service FOS) and have no reasonable likelihood of doing so (see DISP 1.1.12). This should be done through the FOS Exemption Notice form.
Related Questions
- If an accounting firm identifies a material discrepancy when performing a surprise examination, how does the accountant send the required notification to the SEC?
- Can my customers refer complaints to the Financial Ombudsman Service after 31 October 2004 about my firm’s activities before that date?
- Does every firm have to send the FSA a complaints return?
