Respond has been supporting companies of all shapes and sizes in the financial sector for 25 years. Our specially designed financial service template is based on years of industry experience as well as the watchful eye we keep on complaints regulation, so you can be sure that you’re compliant while providing impeccable complaints management and customer service.
The Financial Conduct Authority (FCA) is taking a strong view on complaints handling, having put in place PS15/19 to try to improve the practice. The team at Respond have followed PS15/19 from its beginnings as CP14/30 and have implemented processes within Respond to comply with the new regulation, which includes:
Respond is ready to help you stay compliant with these new changes and DISP as a whole:
What is the CPFB Looking For?
Given the CFPB’s public treatment of complaints, the better option is to have complaints go straight to your firm, rather than having the customer feel the need to approach a regulator. Working directly with the customer for a satisfactory and timely resolution ensures that complaints against your products or services are not put in the spotlight by the CFPB. Complaints can also be a blessing in disguise, acting as valuable feedback to help your firm improve its interactions with customers. Respond’s Self-Service interface is the perfect way for you to capture your customers feedback, directly from their fingertips, removing barriers and worries such as “I’m not calling a premium rate phone line” or “My email will disappear into a generic inbox”.LEAVE A PAPER TRAIL
Audits and investigations form part of the CFPB’s supervision responsibilities. Providing adequate resolutions to customer complaints is just the beginning. Proving your firm currently has a robust, fair and consistent complaint management system and process will be an important part of meeting CFPB’s guidelines. With Respond, all your complaints information will be stored in one place, enabling you to easily review case history and report on the metrics that matter.BE FLEXIBLE
Regulation and policy can and will change. While your firm’s current processes are meeting today’s guidelines – who knows what tomorrow’s requirements will be. When (not if) change does occur, it is important that you can easily transition to the new way of working, cost-effectively and with confidence. Respond is easy to configure to comply with changes in regulation, and workflows can be updated as often as you need.
The Australian Financial Complaints Authority (AFCA) is the new dispute resolution scheme put in place to improve the financial services’ current practices. The Respond team have followed the formation of AFCA, the Royal Commission into banking, superannuation and other financial services, and have implemented processes within Respond to comply with the regulations and guidelines which includes:
Respond is ready to help you stay compliant.