The Financial Conduct Authority (FCA) wants to widen access to the Financial Ombudsman Service, enabling more firms to act if they feel badly treated by banks. Currently, only individuals or firm with fewer than 10 staff can use the Ombudsman to settle financial disputes. Under the FCA proposals, firms with up to 50 staff could use [...]
Cynergie MD sets out some simple advice in Utility Week on good complaint handling in the sector. http://utilityweek.co.uk/news/being-great-at-complaints-is-a-win-win-for-everyone/1318922#.WjvUJ99l82w
Cynergie UK Ltd has today been acquired by Davies Group Ltd, the third party administrator and specialist outsourcer. Cynergie will continue to operate the same, as part of the Davies Group of companies. The strong synergies between the two organisations will enable Cynergie to continue to grow and develop new clients across regulated sectors. http://www.davies-group.com/
Complaints over mis-sold PPI plans expected to record highs in 2017 as a rush of claims come in to beat the deadline. FOS forecasts it will resolve 360,000 PPI cases in 2017. So far, UK banks have paid out £24B in redress and this will keep rising this year.
The ombudsman received an extra 43,000 PPI complaints between July and September 2016 after banks rejected their customers' claims for compensation. 57% of the PPI complaints during the quarter continued to be upheld in favour of the customers. Packaged bank accounts were the second most complained-about financial policy. However the number of those, at just 5,317 [...]
The Financial Conduct Authority (FCA) said the rule for setting a deadline for all PPI claims would come into force by the end of 2017, and would be accompanied by a 42 million pound consumer campaign to raise awareness of the cut-off date paid for by a levy on banks based on number of complaints. [...]
June 2016 Due to further strategic expansion Cynergie have opened a new office in Birmingham at Equipoint, Yardley - close to the NEC, Birmingham International and major travel connections. This facility will help us better serve our Midlands based clients and provide additional resourcing, meeting & assessment facilities. The office will house our Alternative Dispute [...]
Financial services firms received 2.11 million new complaints in H2 2015 - a decrease of 1.4% compared to H1, according to complaints data published by the FCA. The change was mainly driven by a 10% drop in complaints about current accounts and a 15% drop in complaints about savings accounts. When PPI is excluded, the number of [...]
Npower has been fined a record £26m by Ofgem over poor customer service, complaint handling and inaccurate bills. This has been as a result of billing issues, which affected over 500,000 customers between September 2013 and December last year. Npower received more than two million complaints during that time.
The UK’s implementation of the ADR Directive takes the form of the Alternative Dispute Resolution for Consumer Disputes (Competent Authorities) Regulations 2015 (SI 2015/542) in conjunction with the Alternative Dispute Resolution for Consumer Disputes (Amendment) Regulations 2015 (SI 2015/1392) (“UK Regulation”). Despite the ADR Directive requiring implementation of the rules by 9 July 2015, the [...]