Continuing with our series on ALTA’s Best Practices, we turn our attention to Pillar #7 – Consumer Complaints. (Remember that
we skipped over Pillars #4 and #5, which we will address with greater detail in the months to come.)
Pillar #7 is entitled Consumer Complaints. It discusses the need to have a structured process for fielding and handling Customer
Complaints. Compliance with Pillar #7 requires a not only a process for collecting and properly disposing of Customer
Complaints, BUT ALSO requires that those procedures must be in a written form. Additionally, your Staff must be trained
regarding those procedures and that training must be documented. I found examples of customer complaint policies for
major banks simply by performing a Google Search. If anyone would like to see our Customer Complaint Policy, send me an email.
I’d be happy to share it with you.
1. Develop a written Customer Complaint Policy.
2. Train all Firm Personnel regarding said Policy.
3. Document all days where training was provided to Firm Staff and employees.