CRED 17.1 Application and Purpose

This chapter replaces DISP 1 (Complaints Handling Procedures for firms). which does not apply to credit unions (DISP 1.1.1 R).

This chapter is also relevant to eligible complainants who might wish to refer a complaint to the Financial Ombudsman Service.

DISP 2 - DISP 4 (which cover jurisdiction and procedures of the Financial Ombudsman Service) and FEES 5 (which covers funding of the Financial Ombudsman Service) apply to credit unions.

The purpose of this chapter is to set out the rules relating to the internal handling of complaints by a credit union, including:

1. (1)

   the procedures which a credit union must put in place;

2. (2)

   the time limits within which a credit union must deal with a complaint;

3. (2A)

   the referral of complaints;1

4. (3)

   the records of a complaint which a credit union must make and retain; and

5. (4)

   the requirements for a credit union to report information about complaints to the FSA.

This is to ensure that complaints are handled fairly, effectively and promptly, and are resolved at the earliest possible opportunity, thereby minimising the number of unresolved complaints which need to be referred to the Financial Ombudsman Service. This purpose is compatible with the FSA'sconsumer protection statutory objective.