What is the time frame a firm has to resolve a customer's complaint?

A firm typically has an obligation to resolve a customer's complaint within a time frame of 8 weeks. This guideline is established by regulatory bodies to ensure timely and effective resolution of customer grievances. The 8-week period is intended to strike a balance between allowing adequate time for a thorough investigation and resolution of the complaint while also keeping the customer informed and engaged. If a complaint is not resolved within this period, firms are required to write to the customer explaining the reasons for the delay and the steps being taken to resolve the issue, ensuring that the customer remains informed throughout the process. This approach not only fosters trust and transparency between the firm and its customers but also aligns with best practices in customer service within the insurance industry.