Financial companies may no longer have to respond to customer complaints within a set time period, according to reports.
Current regulations impose on financial companies a five-day response requirement to any complaints received. However, according to a report in The Independent, the regulatory authority is considering dropping the rule, and replacing it with a requirement that they respond in a prompt manner. When pushed to provide parameters for the word “promptly”, the FSA declined to comment.
The Association of British Insurers has been in discussion with the regulatory body about the proposed changes, and is set to release its own guidance on “good practice” in the coming days.
