The Financial Conduct Authority (FCA) is planning to prevent financial services firms from using premium rate telephone numbers for customers.
The proposal followed an FCA thematic review on how complaints are handled.
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The FCA is also planning on changing the speed at which complaints need to be resolved before a letter is sent to the customer. Under current rules, complaints dealt with by the end of the next day do not require a letter to be sent to the customer. For these quickly resolved complaints, if dissatisfied, the customer could have to wait up to eight weeks before being able to go to the Financial Ombudsman Service (FOS).
Under the proposals, companies will be allowed up to three business days to resolve less complex complaints before being required to send a letter. In a statement the FCA said this would help avoid unnecessary procedure and ensure that consumers have matters resolved faster. Customers will then be able to refer all cases to the FOS immediately after receiving the firm’s response.
Companies will also be compelled to inform complainants in writing that they are able to take their complaint to the FOS.
At present, only complaints where final response letters are issued are required to be reported to the FCA, however the FCA is proposing to change this to include complaints aimed at the company.
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By GlobalDataChrisopher Woolard, director of policy, risk and research at the FCA said: "Consumers want a simple way to complain that does not leave them out of pocket. And they want to be assured that their concerns will be dealt with fairly and quickly.
"These proposed reforms will further improve the system, making it less bureaucratic for firms, easier for consumers and will provide us with improved intelligence on complaints."
The deadline for comment is 13 March.
