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Complaint Management Policy and Procedures

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  • What is a complaint policy?

    What Is a Complaint Policy? A complaint handling policy, or a complaints policy, gives you as a business owner and your clients the clear process and measures on how to resolve, handle, and manage customer-related complaints on the products and services offered by your business.

  • Are policies and procedures the same thing?

    You might have a disciplinary or grievance procedure that links to one or more policies, but usually procedures are more general. A policy is the what, procedures are the how. Hope that helps! Hi Agnes.

  • How your bank should handle consumer complaints?

    Complaint-Handling Procedures. Banks should establish appropriate processes to ensure bank staff responds to consumer complaints timely after completing comprehensive investigations and determining appropriate redress. As noted, these processes should be appropriate for the types and volume of complaints the bank receives. The bank should also ...

Why Is It Important to Monitor and Take Appropriate Action on Complaints?

In general, banks should monitor their complaints to help identify whether their products and services are causing issues for customers and whether their operations and processes are working as intended. Complaints can serve as helpful indicators of possible weaknesses in processes, training, and controls. Banks should also ensure they investigate

What Are Effective Complaint Management Processes?

Banks should consider adopting processes such as internal complaint-tracking and analysis practices, regulatory reviews, and complaint-handling procedures that result in consumers receiving prompt and thorough responses. See full list on minneapolisfed.org

Resources

CA Letter 16-8, Uniform Interagency Consumer Compliance Rating System, https://www.federalreserve.gov/supervisionreg/caletters/caltr1608.htm Consumer Compliance Outlook, Second Quarter 2012, “Enhancing the Compliance Management Program with Complaint Data,” https://consumercomplianceoutlook.org/index-by-topic/%7E/link.aspx?_id=9FC5256A62BB4210A6A66

Endnotes

1 Consumer Affairs (CA) Letter 16–8, Uniform Interagency Consumer Compliance Rating System, https://www.federalreserve.gov/supervisionreg/caletters/caltr1608.htm 2 See Banking in the Ninth “Reducing Common Complaints,” https://www.minneapolisfed.org/publications/banking-in-the-ninth/reducing-common-complaints See full list on minneapolisfed.org


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Complaint Management Policy and Procedures