What is one of the FCA's rules for brokers in complaint handling?

Having a formal procedure for dealing with complaints is a fundamental requirement set by the FCA (Financial Conduct Authority) for brokers. This rule ensures that all complaints are handled consistently and fairly, providing a clear framework within which brokers must operate. A formal complaint handling procedure not only helps to resolve specific individual complaints efficiently but also aids in identifying systemic issues that may need to be addressed to improve overall client service and satisfaction.

By having such a procedure in place, brokers can demonstrate their commitment to customer service and regulatory compliance, which is vital for maintaining trust and a positive reputation in the industry. It also allows for appropriate recording and tracking of complaints, facilitating better responses and resolutions, and providing valuable insights into client concerns over time. This aligns with the FCA's objective to protect and enhance the integrity of the UK financial system, ensuring that customer complaints are taken seriously and addressed appropriately.