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Status: You are viewing the version of the handbook as on 2005-06-30.

DISP 1.5 Record keeping and reporting

Making and retaining records of complaints

DISP 1.5.1RRP

A firm must make and retain records of complaints subject to DISP 1.4-DISP 1.6 for a minimum period of three years from the date of its receipt of the complaint.

DISP 1.5.2GRP

The records required by DISP 1.5.1 R are for the purposes of monitoring by the FSA and also to ensure that the firm is able to cooperate, as necessary, with the Financial Ombudsman Service. They should include:

  1. (1)

    the name of the complainant;

  2. (2)

    the substance of the complaint;

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  3. (3)

    any correspondence between the firm and the complainant, including details of any redress offered by the firm; and4

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  4. (4)

    documentation relating to the referral of a complaint under DISP 1.4.18 R.4

DISP 1.5.3G

DISP 4.2.3 R covers record keeping by VJ participants.

Reporting complaints to the FSA

DISP 1.5.4RRP

A firm must provide the FSA, twice a year, with a report in the format set out in DISP 1 Annex 1R which contains (for the relevant reporting period) information about:2

  1. (1)

    the total number of complaints subject to DISP 1.4 to DISP 1.6 received by the firm, broken down according to the categories and in respect of each of the generic product types described in DISP 1 Annex 1R which are relevant to the firm;2

  2. (2)

    the total number of complaints subject to DISP 1.4 - DISP 1.6 closed by the firm:

    1. (a)

      within four weeks or less of receipt;

    2. (b)

      within four to eight weeks of receipt; and

    3. (c)

      more than eight weeks after receipt;

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  3. (3)

    the total number of complaints subject to DISP 1.4 - DISP 1.6:3

    1. (a)

      upheld by the firm in the reporting period;3

    2. (b)

      that the firm knows have been referred to, and accepted by, the FOS in the reporting period; 35

    3. (c)

      outstanding at the beginning of the reporting period; and35

    4. (d)

      outstanding at the end of the reporting period; and5

  4. (4)

    the total amount of redress paid in respect of complaints subject to DISP 1.4 to DISP 1.6 during the reported period.3

DISP 1.5.5GRP

For the purpose of DISP 1.5.4 R, upon completing the return, the firm should note that:3

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  1. (1)

    Where a complaint could fall into more than one category, the complaint should be recorded in the category which the firm considers to form the main part of the complaint.

  2. (2)

    Where a complaint has been upheld under DISP 1.5.4 R (3)(a), a firm should report any complaints to which it has given a final response which accepts the complaint, and, where appropriate, offers redress, even if the redress offered is disputed by the complainant. Where a complaint is upheld in part, a firm should treat the whole complaint as upheld for reporting purposes. Where a firm rejects a complaint, yet chooses to make an ex-gratia payment to the complainant, the complaint should be recorded as 'rejected'.3

  3. (3)

    Where a firm reports on the amount of redress paid under DISP 1.5.4 R (4), redress should be interpreted to include an amount paid, or cost borne, by the firm, where a cash value can be readily identified, and should include:3

    1. (a)

      amounts paid for distress and inconvenience;3

    2. (b)

      a free transfer out to another provider which transfer would normally be paid for;3

    3. (c)

      ex-gratia payments and goodwill gestures;3

    4. (d)

      interest on delayed settlements;3

    5. (e)

      waiver of an excess on an insurance policy; and3

    6. (f)

      payments to put the consumer back into the position the consumer should have been in had the act or omission not occurred.3

  4. (4)

    Where a firm reports on the amount of redress paid under DISP 1.5.4 R (4), such redress should not, however, include repayments or refunds of premiums which had been taken in error (for example where a firm had been taking, by direct debit, twice the actual premium amount due under a policy). The refund of the overcharge would not count as redress.3

DISP 1.5.6RRP

For the purposes of DISP 1.5.4 R:

  1. (1)

    The relevant reporting periods are:3

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    1. (a)

      the six months immediately following a firm's accounting reference date; and3

    2. (b)

      the six months immediately preceding a firm's accounting reference date.3

  2. (2)

    Reports are to be submitted to the FSA within 30 business days of the end of the relevant reporting period.3

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Reporting: when is a complaint closed?

DISP 1.5.7RRP

For the purpose of DISP 1.5.4 R (2), a closed complaint is a complaint:

  1. (1)

    where the firm has sent a final response; or

  2. (2)

    where the complainant has indicated in writing acceptance of the firm's earlier response; or

  3. (3)

    where DISP 1.4.9 R applies, provided that the complainant has not responded to the firm within eight weeks of the written response referred to in that rule.

DISP 1.5.8G

Where a complaint is reported as closed under DISP 1.5.7 R (3) because the complainant has not replied to the firm within eight weeks of a written response which meets the requirements in DISP 1.4.9 R, the firm may treat the date of that response as the date when the complaint was closed for the purposes of the reporting requirements in DISP 1.5.4 R (2).

Reporting: complaints subject to the FSAVC review

DISP 1.5.9G

Where a complaint is subject to the FSAVC review, the record keeping and reporting requirements in DISP 1.5.1 R and DISP 1.5.4 R apply only where the complainant is dissatisfied with the outcome of that review (under DISP 1.4.15 R and DISP 1.4.16 R).

Method of submission of reports

DISP 1.5.10R

A report under this section must be submitted through, and in the electronic format specified in, the FSA Complaints Reporting System or the appropriate section of the FSA website.3

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DISP 1.5.10AR

[deleted]31

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Failure of electronic submission

DISP 1.5.10BR

1If a firm is unable to submit a report in electronic format because of a systems failure of any kind, the firm must notify the FSA, in writing and without delay, of that systems failure.3

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Notification of contact point for complainants

DISP 1.5.11R

For the purpose of inclusion in the public record maintained by the FSA, a firm must:1

  1. (1)

    provide the FSA, at the time of its authorisation, with details of a single contact point within the firm for complainants; and1

  2. (2)

    notify the FSA of any subsequent change in those details when convenient and, at the latest, in the firm's next report under DISP 1.5.4 R.1

DISP 1.5.12G

The contact point can be by name, job title or department and may include, for example, a helpline telephone number.

Complete reporting5

DISP 1.5.13R

A firm must submit reports required under this chapter to the FSA containing all the information required. 5

DISP 1.5.14G

SUP 15.6 refers to and contains requirements regarding the steps that firms must take to ensure that information provided to the FSA is accurate and complete. Those requirements apply to reports required to be submitted under this chapter. 5