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FSA confirms new consumer complaint handling rules and ups FOS award limit to £150,000

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The Financial Services Authority (FSA) has confirmed new complaints handling rules as part of a package of measures designed to drive up standards within the industry.

The regulator said the new rules included the abolition of the ‘two-stage' complaints handling rule in order to make sure firms resolve complaints fairly and do not dismiss them the first time, requiring persistence from the customer to pursue the complaint.

Firms will now be required to identify a senior individual responsible for complaints handling and the FSA stated the new rules also included additional guidance to help firms understand the processes they might need in place to meet its

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