Putting Consumers First is at the heart of the International Banking & Finance Authority’s objectives. Members undertake to work to the highest ethical and professional standards when dealing with Consumers, financial institutions and other parties associated with the process of Financial Dispute Resolution Management. The ethics and principles which support this are set out in the IBFSA Code of Practice.
Access to Justice
Financial Claims for mis-sold products continue to make headline news. Consumers and businesses have been victims of poor or inappropriate practices within the banking and wider financial services sector. They must have ‘Access to Justice’.
The IBFSA strives to offer representation on behalf of its members, a ‘voice’ to bridge the gap between the consumer, financial industry and regulators, “creating a platform for quality debate” through which its members communicate. Collaboration and communication with the Claims Management Regulator, Financial Ombudsman Service, and all other bodies associated with financial services regulation and the Financial Dispute Resolution Management process is essential in achieving this goal.
IBFSA SPOTLIGHT
Is this “treating customers fairly”?
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REGULATION OF FINANCIAL CLAIMS MANAGEMENT COMPANIES
From the 1st April 2019, the Financial Conduct Authority (FCA) has taken over regulation from the Financial Claims Management Regulator (CMR). This change followed a new Act of Parliament, The Financial Guidance and Claims Act 2018 which gave the FCA the powers required to transfer regulation from the CMR also extending regulation to Scotland. Financial Claims Management Companies (CMCs) are now required to be regulated and authorised by the FCA, initially under a ‘temporary permission’ granted by the FCA following an application process. During 2019 firms who have been granted ‘temporary permission’ are required to apply for ‘full authorisation’ to continue offering their services to Consumers; this also applies to marketing firms who offer client referrals to CMCs.
Another change which has come into force 1st April is a change to the Complaint Handling Process. All complaints which are unresolved between Consumers and CMCs are now referred to the Claims Management Ombudsman.
