Updated FCA statement on firms handling of complaints during coronavirus

Regulatory Updates | 20/10/20

The Financial Conduct Authority (FCA) has updated its statement on its expectations of how firms should handle complaints during coronavirus, originally published in May and revised in July 2020. The FCA considers that while firms’ operations continue to be affected by the pandemic, firms have had time to embed new ways of working, meaning that failure to comply with complaint handling requirements should now only arise in exceptional circumstances connected to the impact of coronavirus.

The FCA has published some revisions including an update on PPI complaints and reinforcement of messaging around the importance of continuing compliance with complaint handling requirements. The FCA intends to review the statement again by the end of April 2021 at the latest.