NEWS...
Get Ready for an Increase in Complaints!
The FOS expects hype surrounding the credit crunch to provoke more customer complaints
In there tough times, even the FOS is not immune from the credit crunch. In fact they anticipate an even great demand on their services, with consumers feeling the strain and the lenders, in turn, feeling the effect.
Along with everyone in the industry, the FOS is working hard to make the best use of their resources, enabling them to continue to provide a high standard to all parties - one that both consumers and businesses have come to expect.
During this time, the ombudsman has noted a significant increase in the number of approaches from the financial press. They are eager to discuss individual cases of recession-linked hardship, followed by questions on how lenders can and are dealing with the problems this situation presents.
As tension grows, it seems increasingly likely that the media will shift its focus on how lenders - and the third-party or debt collectors they use - deal with consumers who are facing financial uncertainty and what they plan to do if they see a significant rise in complaints.
Indeed, some companies may find themselves facing a double-edged challenge - receiving more complaints but without the time or resources to deal with them effectively.
It is now more important than ever for businesses to get a handle on any complaints they receive, ensuring they are handled efficiently and effectively.
If they don't get off on the right footing it could result in wasted time and resources, with complaints arising that could have been addressed before the ombudsman got involved.
Not every complaint can be resolved informally. Some will have to come through to FOS for resolution. Even in these difficult times, businesses should issue a final response within the required period of eight weeks and respond within reasonable timescales to any requests for information.
Businesses can't be afforded unlimited time for this - any more than a consumer would be allowed unlimited time to provide their information. And, if a business can't meet their deadlines they should let the FOS know as soon as possible.
Dealing with these complaints can be particularly tough for smaller businesses, especially those who may have only had occasional complaints experience in the past and may not have a dedicated complaints department.
Help on the FOS' jurisdiction, process and approach is available from the FOS website - www.financial-ombudsman.org.uk
Original article by Jane Hingston, courtesy of CCR. For further information visit www.ccrmagazine.co.uk
