DISP 1.5 Record keeping and reporting
Making and retaining records of complaints
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:
DISP 4.2.3 R covers record keeping by VJ participants.
Reporting complaints to the FSA
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)
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)
the total number of complaints subject to DISP 1.4 - DISP 1.6 closed by the firm:
- (a)
within four weeks or less of receipt;
- (b)
within four to eight weeks of receipt; and
- (c)
more than eight weeks after receipt;
3
- (a)
- (3)
the total number of complaints subject to DISP 1.4 - DISP 1.6:3
- (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
For the purpose of DISP 1.5.4 R, upon completing the return, the firm should note that:3
3- (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)
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)
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
- (a)
amounts paid for distress and inconvenience;3
- (b)
a free transfer out to another provider which transfer would normally be paid for;3
- (c)
ex-gratia payments and goodwill gestures;3
- (d)
interest on delayed settlements;3
- (e)
waiver of an excess on an insurance policy; and3
- (f)
payments to put the consumer back into the position the consumer should have been in had the act or omission not occurred.3
- (a)
- (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
For the purposes of DISP 1.5.4 R:
- (1)
The relevant reporting periods are:3
3- (a)
the six months immediately following a firm's accounting reference date; and3
- (b)
the six months immediately preceding a firm's accounting reference date.3
- (a)
- (2)
Reports are to be submitted to the FSA within 30 business days of the end of the relevant reporting period.3
3
Reporting: when is a complaint closed?
For the purpose of DISP 1.5.4 R (2), a closed complaint is a complaint:
- (1)
where the firm has sent a final response; or
- (2)
where the complainant has indicated in writing acceptance of the firm's earlier response; or
- (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.
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
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
Failure of electronic submission
Notification of contact point for complainants
For the purpose of inclusion in the public record maintained by the FSA, a firm must: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)
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