CREDS 9
Complaints reporting rules for credit unions
CREDS 9.1
Application and purpose
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Application
CREDS 9.1.1
See Notes
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Purpose
CREDS 9.1.2
See Notes
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CREDS 9.1.3
See Notes
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CREDS 9.1.4
See Notes
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CREDS 9.2
Reporting
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CREDS 9.2.1
See Notes
A credit union must provide the FSA, once a year, with a report in the format set out in CREDS 9 Annex 1 R (Credit Union complaints return) which contains (for the relevant reporting period) information about:
- (1) the total number of complaints received by the credit union;
- (2) the number of complaints closed by the credit union:
- (a) within eight weeks of receipt; and
- (b) more than eight weeks after receipt;
- (3) the total number of complaints:
- (a) upheld by the credit union in the reporting period;
- (b) outstanding at the start of the reporting period; and
- (4) the total amount of redress paid in respect of complaints during the reporting period.
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CREDS 9.2.2
See Notes
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CREDS 9.2.3
See Notes
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CREDS 9.2.4
See Notes
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CREDS 9.2.5
See Notes
For the purposes of CREDS 9.2.4 R:
- (1) a complaint received on any day other than a business day, or after close of business on a business day, may be treated as received on the next business day; and
- (2) a complaint is resolved where the complainant has indicated acceptance of a response from the credit union, with neither the response nor acceptance having to be in writing.
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CREDS 9.2.6
See Notes
For the purpose of CREDS 9.2.1 R, and upon completing the return, the credit union should note that:
- (1) where a complaint could fall into more than one category, the complaint should be recorded against the category that the credit union considers to form the main part of the complaint;
- (2) where a complaint has been upheld under CREDS 9.2.1R (3)(a), a credit union should report any complaints to which it has given a final response which accepts the complaint and, where appropriate, offers redress, even if the redress offered is disputed by the complainant. Where a complaint is upheld in part, or where the credit union does not have enough information to make a decision yet chooses to make a goodwill payment to the complainant, the credit union should treat the complaint as upheld for reporting purposes. Where a credit union rejects a complaint, yet chooses to make an ex-gratia payment to the complainant, the complaint should be recorded as rejected;
- (3) where a credit union reports on the amount of redress paid under CREDS 9.2.1R (4), redress should be interpreted to include any amount paid, or cost borne, by the credit union, where a cash value can be readily identified, and should include:
- (a) amounts paid for distress and inconvenience;
- (b) a free transfer out to another provider which transfer would normally be paid for;
- (c) ex-gratia payments and goodwill gestures;
- (d) interest on delayed settlements
- (e) waiver of an excess on an insurance policy; and
- (f) payments to put the consumer back into the position the consumer should have been in had the act or omission not occurred;
- (4) where a credit union reports on the amount of redress paid under CREDS 9.2.1R (4), such redress should not, however, include repayments or refunds of premiums which had been taken in error (for example where a credit union had been taking, by direct debit, twice the actual premium amount due under a policy). The refund of the overcharge would not count as redress.
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CREDS 9.2.7
See Notes
For the purposes of CREDS 9.2.1 R:
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CREDS 9.2.8
See Notes
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CREDS 9.2.9
See Notes
For the purposes of making reports under CREDS 9.2.1 R, a closed complaint is a complaint:
- (1) where the credit union has sent a final response; or
- (2) where the complainant has positively indicated acceptance of the credit union's earlier response; or
- (3) where the complainant has failed to revert to the credit union within eight weeks of the credit union's most recent letter.
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CREDS 9.2.10
See Notes
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CREDS 9.2.11
See Notes
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CREDS 9.2.12
See Notes
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CREDS 9.2.13
See Notes
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CREDS 9 Annex 1
Credit union complaints return
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See Notes
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