Complaints – The changing landscape and commercial pressures
With increased focus from the FCA on affordability and creditworthiness in all areas of consumer credit, the resultant activity of CMCs and the reaction of the FOS, consumer credit firms are facing pressures from multiple directions.
Our roundtable will discuss a range of defence strategies that firms can adopt to ensure they are well equipped to deal with current challenges, as well as developing a futureproof approach to their business operations.
Topics will include:
Understanding the FCA - Actions taken against firms, redress and remediation projects. Their ongoing activity with firms and focus on affordability and creditworthiness.
CMC Interactions - High-level approach taken by CMCs, the shape of CMC activity. Recognition that they are soon to be regulated and the FCAs intended approach.
Working with the FOS - The role of the FOS from a regulatory perspective, the position they take and the potential resource and financial impact on a firm.
Best practice complaint handling - Processes for administration, investigation, final response letters, root cause analysis and continuous improvement initiatives.