Making a complaint against a financial institution.
Under the new Consumer Protection Code, firms regulated by the Irish Financial Services Regulatory Authority must follow a set procedure when handling complaints from customers.
Firstly, the complaint must be acknowledged within five business days of being received. A key change under the code is that the institution must then provide the customer with the name of the person who has been appointed as their point of contact in relation to the complaint.
The institution must then try to investigate and resolve the problem within 40 business days.
If the issue has not been resolved at the end of this period, the customer must be informed of the anticipated timeframe within which the problem will be sorted out.
They will also be informed of their right to refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman, where relevant.
The customer must be provided with regular written updates on the progress of the investigation, at intervals of no more than 20 business days.
Once the issue is resolved, the company must write to the customer within five business days to let them know, and to explain the outcome of the investigation.
Where applicable, the terms of any offer or settlement being made should also be explained.
Tips when making a formal complaint:
DO:
• Stay calm and polite. Explain your problem clearly, stick to the facts and state what you would like the firm to do to solve the problem;
• Consider making a written complaint, especially if the problem has gone on for a long time or is complicated;
• Supply your account or policy number, copies of any relevant documents and always keep a copy yourself.
DON'T:
• Exaggerate or make false claims;
• Take legal action before you go through the processes available;
• Be afraid to phone and ask for an update about your complaint;
• Rush things. Allow the firm reasonable time to solve your complaint before you refer it to an ombudsman.
Source:Irish Financial Services Regulatory Authority
