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Comment of the week: Dealing with claims is costly (but take care responding)

Online comment related to last week’s article: Neil Liversidge follows Lakey in billing claims firm over £3,800

A complaint when investigated properly can take a great deal of time.

Quite often it is a senior member of staff and in our case would be a director. And it should be remembered that time spent dealing with the complaint is chargeable time lost.

It is not time that forms part of the manager’s fixed costs. To record, respond, investigate and report back can take two days. And the hourly rate is high because that is the true cost of giving good financial advice.

The problem which strikes me is that you do have to be careful that you do not place unreasonable barriers for a client who genuinely feels (even if misinformed) that he has a complaint at which point the FCA would intervene.

Sam Caunt

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