BAT provides a complete register of all complaints and where they are in the process with reporting.
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Under FCA rule DISP 1.3 (link here https://www.handbook.fca.org.uk/handbook/DISP/1/3.html) a firm must keep on top of its complaints, and provide timelyl updates both to the complainant, the FOS and the FCA.
That sounds simple enough, but there are many different deadlines and reminders required, and file storage in the correct location is a massive issue. Is your defence reliant on a key person in your organisation? If so, then you are not complaint, because you need to be able to view and edit and multiple people must be able to manage the case.
EDITABLE BAT WORKFLOW
The BAT workflow is editable, and covers TWENTY FOUR steps.
But that is even before the case reaches the FOS, and the average turnaround time for the FOS for IFAs is years. For instance, the average time taken to resolve any cases in the year to 2022 for FOS was over six months, and that includes all cases. If your firm is a serious firm, and has historic complex cases that need an Ombudsman to help, you are looking at years.
Organisational skills are fundamental to the success of a defence, and the ability to stick to deadlines, prioritise your time and resources and remain focused are vital skills for employers. BAT provides the rail tracks for complaint handling teams to work on.
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FOS
FOS detail is here https://www.financial-ombudsman.org.uk
Remember, FOS are still ruling on live cases going back to pre-regulation days of 1988 and earlier, so if you want a clean Form G return to the FCA, and you want an organised complaints handling workflow, then look no further than BAT.
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