When The Financial Dispute Resolution Commission receives a complaint the first step is to ensure the complainant has approached the member to try and resolve it through the member’s own Internal Dispute Resolution process.

The Financial Dispute Resolution Commission’s Rules state that every member must have a complaints contact person and an Internal Dispute Resolution (IDR) Procedure in place.

The IDR Procedures require you to give a substantive response to a complaint as soon as possible but must be within 10 business days. A substantive response shall include:

• Acknowledging the customers complaint and
• Where appropriate offering compensation, or
• Reject the complaint, providing a reason for the decision

If the customer has been through your IDR Procedure and is not satisfied with the outcome, they are entitled to make a formal complaint to The Financial Dispute Resolution Commission.