Understanding FSA
FSA Implications and Complaints
As part of the FSA regulations, organisations are required to have a clear complaints process for customers and each firm's complaints procedure must be detailed within the documentation they provide to customers. Details are given in the FSA's DISP Sourcebook.
A customer's expression of dissatisfaction is viewed as a complaint when it is made in writing. Verbal expressions of dissatisfaction are also viewed as complaints when the original handler cannot resolve the problem.
In these circumstances, the complaint is escalated to a Manager, who is authorised to log and manage complaints.
Financial Ombudsman Service
The Financial Ombudsman Service has several functions. The key function that may affect our customers and us is to act as mediator between the two parties to help resolve and settle disputes.
In the event of a customer being unhappy with Norwich Union the first step is to complain to us. We will take the customer through a clearly defined process to assess whether we think the complaint is justified. If, at the end of this process, we believe the complaint is valid we will usually make the customer some offer of restitution.
If the customer is not happy with our decision (be this whether or not the complaint is valid or the level of compensation) the customer can take their complaint to the Financial Ombudsman Service.
The Financial Ombudsman Service will then make a decision, based on the evidence provided, and agree with either the complainant or with us. Similar provisions apply to complaints against intermediaries.
Should the Ombudsman decide that the complaint is frivolous or outside his authority (e.g. a commercial firm with a turnover of more than 1m per annum) then he may choose not to handle the complaint.
