Cirrus TechVue responds to FANews article: How will the FSCA monitor your business?
The FSB’s initial emphasis is clearly to try and show organisations that, while they have to comply, it is good for business to do so. The FSCA’s on-site inspections will undoubtedly be aimed at companies evidencing that they are complying not only with the letter of the law, but importantly with the spirit (a change in company culture). It is also clear that they will target how companies are managing complaints. Ultimately they want organisations to show that they are doing high quality Root Cause Analysis and implementing changes suggested by that analysis.
Their arrow inspections will require that all information, including complainants, products or services, aspects and all evidence (email, telephone conversations, etc.) regarding a selected complaint, is made immediately available to them.
The periodic reporting required (although yet to be finalised) will further enhance the FSCA’s view of the industry and give them the ability to determine industry trends and potential interventions sooner.
All of this will be very burdensome on companies unless they have invested in technology to centrally manage customer complaints and other feedback.
Read the FANews Article here