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  2. Point in time
    2009-07-07

CRED 17.5 Time limits for dealing with a complaint

CRED 17.5.1R

A credit union must send a written acknowledgement of a complaint to the complainant 1within five business days1of its receipt, giving the name or job title of the person handling the complaint within the credit union (together with details of the credit union's internal complaint handling procedures).

1
CRED 17.5.2G

A credit union that is able to provide a final response within five business days of receipt of a complaint may combine its acknowledgement of the complaint with the final response.

CRED 17.5.3G

A credit union should aim to resolve complaints at the earliest possible stage.

CRED 17.5.4R

By the end of eight weeks after its receipt of a complaint, the credit union must send the complainant either:

  1. (1)

    a final response; or

  2. (2)

    a response which;

    1. (a)

      explains that the credit union is still not in a position to make a final response, gives reasons for the further delay and indicates when it expects to be able to provide a final response; and

    2. (b)

      informs the complainant that he may refer the complaint to the Financial Ombudsman Service if he is dissatisfied with the delay and encloses a copy of the Financial Ombudsman Service's explanatory leaflet.

CRED 17.5.5R

When a credit union sends a complainant its final response, the final response must:

  1. (1)

    inform the complainant that he may refer the complaint to the Financial Ombudsman Service if he is dissatisfied with the final response and that he must do so within six months; and

  2. (2)

    enclose a copy of the Financial Ombudsman Service's explanatory leaflet (unless it has already done so).

CRED 17.5.6G

Copies of the Financial Ombudsman Service's explanatory leaflet may be reproduced under licence or can be obtained from the Financial Ombudsman Service.

CRED 17.5.7G

Under CRED 17.5.4 R and CRED 17.5.5 R:

  1. (1)

    even if the credit union has failed to resolve the complaint within eight weeks, the complainant may decide to give the credit union more time before exercising any right he may have to refer a complaint to the Financial Ombudsman Service; and

  2. (2)

    the six month time limit within which a complainant must refer a complaint to the Financial Ombudsman Service begins at the date when the final response is sent by the credit union.