Financial services firms will need the right systems in place in the move from a two-stage to a one-stage complaints handling process this week, Charter UK has warned.
According to the provider of enterprise complaint and feedback management, this renewed focus on the customer in the wake of PPI mis-selling will provide opportunities for firms.
Paul Clark, chief executive of Charter UK, said: "The UK financial services sector is currently facing an unprecedented level of scrutiny from the public, the media, and the FSA, just at the same moment that firms are being forced to discontinue their two-stage complaints-handling process.
"Without the right systems in place firms will be unable to obtain any of these benefits, and will instead see marked increase in complaint referrals to the Financial Ombudsman Service (FOS) - along with the related penalties - rather than any rise in customer satisfaction."
Since 1 July this year firms have been required to issue a final response to all complaints within eight weeks of receipts. It means firms can no longer tell customers to contact them a second time if they feel initial response is unsatisfactory.
