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CRED 17.6 Record Keeping and Reporting

CRED 17.6.1R

A credit union must make and retain records of complaints (except those referred to in CRED 17.4.1 R) for a minimum period of three years from the date of its receipt of a complaint.

CRED 17.6.2G

The records required are for the purposes of monitoring by the FSA and also to ensure that the credit union is able to cooperate, as necessary, with the Financial Ombudsman Service. These should include:

  1. (1)

    the name of the complainant;

  2. (2)

    the substance of the complaint; and

  3. (3)

    any correspondence between the credit union and the complainant, including details of any redress offered by the credit union; and4

    4
  4. (4)

    documentation relating to the referral of a complaint under CRED 17.4.4 R.4

CRED 17.6.3R

A credit union must provide the FSA, once a year, with a report in the format set out in CRED 17 Annex 1 R (Credit Union complaints return) which contains (for the relevant reporting period) information about:2

  1. (1)

    the total number of complaints received by the credit union (except those referred to in CRED 17.4.1 R);26

  2. (2)

    the number of complaints closed by the credit union:2

    1. (a)

      2within eight weeks of receipt; and

    2. (b)

      more than eight weeks after receipt;

  3. (3)

    the total number of complaints:3

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    1. (a)

      upheld by the credit union in the reporting period;3

    2. (b)

      outstanding at the start of the reporting period; and6

      6
  4. (4)

    the total amount of redress paid in respect of complaints during the reporting period.63

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CRED 17.6.4G

For the purpose of CRED 17.6.3 R, and upon completing the return, the credit union should note that:3

3
  1. (1)

    Where a complaint could fall into more than one category, the complaint should be recorded against the category that the credit union considers to form the main part of the complaint.3

  2. (2)

    Where a complaint has been upheld under CRED 17.6.3 R (3)(a), a credit union should report any complaints to which it has given a final response which accepts the complaint and, where appropriate, offers redress, even if the redress offered is disputed by the complainant. Where a complaint is upheld in part, or where the credit union does not have enough information to make a decision yet chooses to make a goodwill payment to the complainant, 6the credit union should treat the complaint as upheld for reporting purposes. Where a credit union rejects a complaint, yet chooses to make an ex-gratia payment to the complainant, the complaint should be recorded as rejected.3

    6
  3. (3)

    Where a credit union reports on the amount of redress paid under CRED 17.6.3 R (4), redress should be interpreted to include any amount paid, or cost borne, by the credit union, where a cash value can be readily identified, and should include:3

    1. (a)

      amounts paid for distress and inconvenience;3

    2. (b)

      a free transfer out to another provider which transfer would normally be paid for;3

    3. (c)

      ex-gratia payments and goodwill gestures;3

    4. (d)

      interest on delayed settlements3

    5. (e)

      waiver of an excess on an insurance policy; and3

    6. (f)

      payments to put the consumer back into the position the consumer should have been in had the act or omission not occurred.3

  4. (4)

    Where a credit union reports on the amount of redress paid under CRED 17.6.3 R (4), such redress would not, however, include repayments or refunds of premiums which had been taken in error (for example where a credit union had been taking, by direct debit, twice the actual premium amount due under a policy). The refund of the overcharge would not count as redress.3

CRED 17.6.5R

For the purposes of CRED 17.6.3 R2:

  1. (1)

    the relevant reporting period is from 1 April to 31 March each year; and 2

  2. (2)

    2reports are to be submitted to the FSA within one month of the end of the relevant reporting period.

CRED 17.6.6G
  1. (1)

    Financial penalties may be imposed for the late submission of the complaints report required by CRED 17.6.3 R.2

  2. (2)

    Details of the FSA's policy and procedures on financial penalties are given in CRED 15.5 (Financial penalties for late submission of reports) and CRED 15 Annex 3 G. 21

CRED 17.6.7R

For the purposes of making reports under CRED 17.6.3 R, a closed complaint is a complaint:

  1. (1)

    where the credit union has sent a final response;

  2. (2)

    where the complainant has positively indicated acceptance of the credit union's earlier response; or

  3. (3)

    where the complainant has failed to revert to the credit union within eight weeks of the credit union's most recent letter.

CRED 17.6.8R

A report under this section must be given or addressed, and delivered, in the way set out in SUP 16.3.6 R - SUP 16.3.16 G (General provisions on reporting) (see CRED 14.10.4 G - CRED 14.10.4F G) , except that:2

  1. (1)

    instead of the credit union's usual supervisory contact, the report should be given to or addressed for the attention of the Notification, Reporting and Data Maintenance department of the FSA.52

    5
  2. (2)

    [deleted]5

    52
CRED 17.6.8AR

[deleted]5

2
CRED 17.6.8BR

[deleted]5

25
  1. (1)

    submit its report under this section through one of the alternative methods of submission of reports in SUP 16.3.9 R (see CRED 14.10.4 G); and

  2. (2)

    notify the FSA, in writing and without delay, of that systems failure.

CRED 17.6.9R

For the purpose of inclusion in the public record maintained by the FSA, a credit union must provide the FSA, at the time of its authorisation, with details of a single contact within the credit union for complainants, and in its quarterly return must notify the FSA of any subsequent change.

CRED 17.6.10G

The contact point in CRED 17.6.3 R and CRED 17.6.9 R2 can be by name or job title and may include, for example, a telephone number.