Emma RadmoreUK Finance has published its response to the consultation on modernising the redress framework. It is particularly supportive of a structured registration stage for complaints. It says that a clear gateway with strengthened dismissal grounds and an amended “fair and reasonable” test is critical to stop complaints stalling or the process becoming more complex rather than less.
It notes that it is important that complaints that are purely about investment performance, where customers have accepted the risks, should clearly be outside scope and therefore be dismissed, and that removing references to “good industry practice” is necessary to achieve better certainty and reliability within the redress framework.