The Financial Industry Complaints Service (FICS) is preparing analysis for members on the introduction of international standards on complaints-handling.

National Relations Manager Trevor Slater told Sunrise Exchange News adapting to the new system could be expensive for financial service providers but the long-term rewards will make the change worthwhile.

The toughest challenge for larger companies involves a requirement for every complaint – however small – to be logged and tracked. Previously, smaller issues were handled at the first point of contact and were registered only if not resolved immediately.

Smaller FICS members may find the new instructions very detailed and prescriptive. Mr Slater says as long as they abide by the general guidelines the technical details should fall into place.

“If a member has a good internal dispute resolution mechanism, the changeover should be reasonably smooth,” he said. “It’s not a quantum leap outside of good business practice.”

Mr Slater says Australia was the first country in the world to create standards for complaints-handling, and the international standards are based on the same principles.