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Effective complaints my arse! How about effective complaints handling?

IFSRA today published via their website an article on “Making an effective complaint – What you need to know”. But then, at the end of the article they say, bewilderingly given the tone of the heading and article, “However, we do not investigate individual complaints”.

How about that for mixed messages? This statement is on the consumer website of the Financial Regulator – so, we have a regulator telling us how to complain, but then telling us not to complain to them.

Maybe they should be adding this to their own Waffle Corner.

But back to my original point, if you read their directions on complaining, you see that financial institutions have 20 business days (1 month effectively) to just respond to a complaint from a customer. And they have a a total of 40 business days (effectively 2 months) in which to address your complaint, or to tell you how much longer it’s going to take. So, you make a complaint now, you could conceivably be waiting 2 months before the financial institution gets back to you to say it’s going to take another 2 months to address your complaint. Ridiculous!

Now, think of your own day to day job. If someone comes to you as part of your job with a query or an issue, do you reckon you could get away with taking 3 months to even tell that person that you’ll need 3 more months to respond to them?

Tell me again what regulators actually do to help consumers?

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