Complaints handling criticism

The Financial Services Authority says it has found no evidence that small IFA firms are fobbi ng off mortgage endowment complaints, but did uncover some problems with complaints handling practices that firms must address.

Following concerns raised in independent research commissioned by the watchdog, the FSA launched a project to examine the complaints handling of small firms to assess the level of compliance with regulations and ensure customers are being treated fairly. Based on a sample of 51 firms and 412 files reviewed, the findings identified that in the majority of cases the decisions made to reject or uphold complaints were appropriate.