Mortgage intermediaries have been warned to update their complaints handling processes to meet FSA standards. The FSA believes some firms are still not handling complaints properly, and recently warned several providers to review their procedures for endowment complaints.
Ben Stafford, Policy Officer at AMI, says: "Mortgage intermediaries have a very positive track record for complaints but this should not be taken for granted. Knowing how to resolve complaints that do occur - and to do so in accordance with the FSA's rules - is no less important than meeting the requirements for advice or training and competence.
"The FSA will be undertaking detailed supervisory work on complaint handling in the months ahead. Firms will not want to be found wanting."
To help mortgage intermediaries check that their systems meet the new requirements, AMI has produced A Guide to Complaints Handling. The guide offers an overview of the FSA rules for complaint handling, and details of how the Financial Ombudsman Service deals with unresolved complaints. A checklist is also included for firms to use in assessing their internal procedures.
