Kudos Commercial Finance 

Complaint Handling Procedure 

Section  Title 
1  Process Overview 
2  Step 1 – Receive and Classify 
3  Step 2 – Acknowledge  
4  Step 3 – Investigate  
5  Step 4 – Resolve and Confirm  
6  Step 5 – Responding to Customers 
7  Step 6 – Co-operating with the Financial Ombudsman Service  
8  Step 7 – MI and Analysis 
9  Consumer Duty 
  1. Process Overview 

The following key steps must be followed for all customer complaints received Kudos Commercial Finance staff: 

Step Number  Action 
1  Receive and classify 
2  Acknowledge 
3  Investigate 
4  Resolve and confirm 
5  Respond to the customer 
6  Cooperating with the Financial Ombudsman  
7  Management Information and Data 


2. Step 1 – Receive and classify 


Ensure that all potential issues are captured by Kudos Commercial Finance Ltd, and classified for escalation, review and action as required. 

All complaints must be handled as follows: 

When handling complaints, your business should: 

You can find a more detailed explanation here in the FCA complaints DISP sourcebook. 

3. Step 2 – Acknowledge 


Ensure that every complaint receives a formal written acknowledgement, containing an expectation of when they will receive a response, and the person dealing with it. 

4. Step 3 – Investigate 


Follow up all aspects of the complaint, both internal and external, to ensure that the key facts are identified and clarified. 

5. Step 4 – Resolve and Confirm 


Ensure that the final response letter is clear and fair. Also, confirm the proposed action and resolution. 

6. Step 5 – Respond to the Customer 


Provide the customer with the resolution within the timescales promised. 

The details of the findings and proposed resolution should be clearly explained (in written or verbal form as appropriate) to the customer- within the agreed timescales.  

If the complaint is resolved by close of the third business day, a Summary Resolution Communication will be sent. This is a written communication which: 

If this cannot be done on time, the customer must be contacted to provide an update to their complaint and state in a written communication that Kudos Commercial Finance Ltd will provide a final response within 8 weeks. 

7. Step 6 – Cooperating with the Financial Ombudsman Service 


We should aim to resolve all complaints at the earliest possible opportunity, minimising the number of unresolved complaints which need to be referred to the Financial Ombudsman Service. 

8. Step 7 – MI and Analysis 


Ensure that Kudos Commercial Finance Ltd is aware of complaints and any underlying issues or systemic causes. Plan actions to mitigate these and prevent future recurrence. 

9. Consumer Duty 

The Financial Conduct Authority (FCA) introduced the twelfth Principle for Business in July 2022: “A firm must act to deliver good outcomes for retail customer” with the rules, guidance, and delivery of the four consumer outcomes coming into force on a phased basis. For all new and existing products or services that are open to sale or renewal the rules come into force on 31 July 2023 and for closed products or services, the rules come into force on 31 July 2024. 

The Duty sets a higher and clearer standard of consumer protection across all financial services and requires firms to act to deliver good outcomes for customers by:  

Cross-cutting rules  

Rule One: Act in good faith towards clients; e.g., by dealing with complaints promptly and fairly. 

Rule Two: Avoid causing foreseeable harm to clients; e.g., by ensuring the client does not face unreasonable barriers when making a complaint. 

Rule Three:  Enable and support clients to pursue their financial objectives; e.g., by allowing time and support to find an alternative if a product is not suitable.  


Four consumer outcomes 

Outcome 1: Products and services – e.g., by reviewing complaint MI on a quarterly basis to monitor the distribution strategy for each product and identifying any issues which could cause consumer harm.  

Outcome 2: Price and value – e.g., by providing several channels for a client to complain which ensures they do not face unnecessary charges. 

Outcome 3: Consumer understanding – e.g., by reviewing the complaint fairly and ensuring all correspondence is clear and free of jargon. 

Outcome 4: Consumer support – e.g., by ensuring there are no unreasonable barriers which prevent the client from making a complaint and that regular updates are provided during the course of the investigation. 


For further information and guidance on the purpose and application of the Consumer Duty visit PRIN 2A of the FCA Handbook.