The FSA has published Policy Statement 07/9, Treating Complainants Fairly - Feedback on CP06/19 (part) and made rules (PS07/9). In PS07/9 the FSA:

  • Gives feedback (and final rules) on the consultation on the Dispute Resolution: Complaints sourcebook (chapter 1) set out in Consultation Paper 06/19, Reforming Conduct of Business Regulation (chapter 31).
  • Confirms the rules set out in Policy Statement 07/2, Implementing the Markets in Financial Instruments Directive (MiFID) which transposed MiFID's requirements for complaints handling and complains record keeping.

In PS07/9 the FSA advises that it has reduced prescription around process and timing for seeking to resolve complaints, creating a shorter set of rules that focus more clearly on fair outcomes for complainants and on the responsibility of respondents (and in particular their senior management) to deliver these. The FSA also advices that the complaints provisions of MiFID have been implemented in a way that maintains simplicity and consistency of standards across types of business.

The FSA has set out the final rules in the Dispute Resolution: Complaints (Simplification and MiFID) Instrument 2007 which is located at Appendix 1 of PS07/9. These rules come into force on 1 November 2007.

View PS07/9: Treating Complainants Fairly - Feedback on CP06/19 (part) and made rules,