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Obligation to establish complaints handling and resolution process

Financial Advisers (Complaints Handling and Resolution) Regulations 2021

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—(1) A financial adviser must —(a)establish a process for handling and resolving complaints; and(b)comply with that process.(2) A financial adviser must ensure that the process mentioned in paragraph (1) provides for all of the following matters:(a)the assessment of the merits of each complaint;(b)the criteria for determining whether the unit established under regulation 4 should refer a complaint to the senior management of the financial adviser, for the senior management to decide on the financial adviser’s response to the complaint;(c)a reasonable timeframe for handling and resolving complaints.(3) A financial adviser must ensure that the process mentioned in paragraph (1) includes procedures for all of the following matters:(a)the provision to the complainant, within 2 business days after the date on which the complaint is received by the financial adviser, of a written acknowledgment that the financial adviser has received the complaint, and the written notice mentioned in regulation 7(2);(b)the interviewing of the complainant;(c)the reviewing, and the completion of the review, of the complaint;(d)ensuring that the complainant is kept informed of the status of the handling of the complaint;(e)the sending to the complainant, within 20 business days after the date on which the complaint is received by the financial adviser, of —(i)the financial adviser’s final response to the complaint; or(ii)a written response informing the complainant of all the following matters:(A)the reason for any delay in providing the financial adviser’s final response to the complaint;(B)an indicative reasonable timeframe within which the complainant may expect to receive the financial adviser’s final response to the complaint;(C)where the complainant has a right to refer the complaint to a dispute resolution scheme approved by the Authority under section 31(1) of the Financial Services and Markets Act 2022 — that fact;(f)where an offer of redress or remedial action is accepted by the complainant, the payment of the money offered as redress, or the carrying out of the remedial action.(4) Where the financial adviser’s final response states that the financial adviser rejects the complaint, the financial adviser must provide the complainant with written reasons for the rejection of the complaint.(5) For the purposes of this regulation, where a financial adviser receives a complaint on any day other than a business day, or after the close of business on a business day, the complaint is treated as received by the financial adviser on the next business day.

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