Earlier today the Financial Services Authority (FSA) fined Sesame Limited £330,000 for failing to treat its customers fairly by not handling complaints adequately.
Mark Roberts, Head of Financial Regulation at the ifs School of Finance, said:
"Once again, a substantial fine from the FSA has highlighted the ongoing need for financial services firms to ensure they always treat their customers fairly and that their staff are fully trained in this area."
William Amos, Head of Retail Enforcement at the FSA, said:
"Sesame has no excuse for complaints handling failures of this kind. The failings we found highlight the need for firms to implement and maintain robust complaints handling procedures and to train staff adequately."
Mark Roberts added:
"It is crucial that staff are appropriately trained in TCF and our Certificate in Regulated Complaints Handling (CeRCH) which comprehensively covers the complaints handling process, can help achieve this.
Among other issues, the qualification ensures candidates gain a good understanding of the complaints investigations cycle, recordkeeping, a raft of legislative considerations and dealing with different complaints scenarios.
By gaining an industry recognised qualification, candidates will be able to identify and apply appropriate solutions and their employer can demonstrate that they are serious about TCF by having an appropriately trained workforce.
Further information about the Certificate in Regulated Complaints Handling (CeRCH) can be found by clicking here.
In addition, the ifs School of Finance is holding a Masterclass on TCF for senior managers and directors in compliance, marketing, sales and HR. The Masterclass takes place in September at the ifs School of Finance, 100 Cannon Street, London. For full details please click here.
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