Procedures for Handling Complaints

1) General information relating to Lendable’s complaints handling

Complaints can be made by customers to complaint@lendable.co.uk, or by calling our main telephone line (020 3322 1948). We refer all our customers to this email address in our Loan Agreements (section 8) and online. In addition, customers are reminded of their rights to refer their complaint to the Financial Ombudsman Service (contact details are provided) if they are dissatisfied with the outcome.

If we receive an expression of dissatisfaction of any kind, we assign it to one of the following categories:

  • declined customers
  • collections
  • data protection
  • loan terms and conditions
  • other complaints

In general, classification reflects the experience of the Financial Ombudsman Service in handling complaints regarding unsecured consumer loans. Every expression of dissatisfaction is logged and investigated and the results of our investigation are documented. Every six months, a review of the complaints log and any determinations by the Financial Ombudsman Service is conducted to identify any patterns and needs for a change in Lendable’s business processes.

2) Procedure details

Customers who request Lendable’s complaint handling procedure will be provided a copy of the procedure and our complaints form either by email in a .pdf format or in the post and will be asked to raise their complaint in writing as soon as possible after the incident.

NOTE: Complaints are to be raised in writing, however verbal complaints will be accepted and dealt with according to the same procedures.

Raising a Complaint

If a customer telephones Lendable and wishes to raise a complaint, they will be passed through to a senior member of staff or the Complaints Officer who will try to resolve the complaint then and there.

Even if the complaint is resolved at the time, the customer must still be offered the option of receiving the complaints handling procedure and form prior to ending the call and the call recording must be retained and logged in the complaints log.

Responding to a Complaint

Where a written complaint has been received, an acknowledgement email must be sent to the customer within one business day. This email will detail the complaint handling procedure and provide approximate timelines and expectations for the investigation and future responses.

A trained manager or the Complaints Officer are the only staff members who will respond to customers regarding their complaints. In the first instance, we will seek to resolve the complaint by the close of three business days after receipt of the complaint. Following an informal investigation, we will seek to make telephone contact with the customer and try to resolve the issue, while sending a summary resolution communication summarising all facts and determinations and providing the contact details of the Financial Ombudsman Service.

If informal resolution proves insufficient (i.e., is not to the customer’s satisfaction), Lendable will follow the procedures below.

Investigating the Complaint

The Complaints Officer or a trained staff member will be assigned the role of investigating complaints and will gather all necessary documents, recordings and information to make an independent review of the incident.

If internal interviews are conducted, a note taker will be present alongside the investigator and interviewee and a copy of the interview notes will be written up and signed by the interviewer and interviewee prior to them being added to the complaint history.

All investigation must take place within six weeks of the receipt of a complaint so that a final response can be sent to the customer within the FOS-designated eight-week period.

Investigations must utilise all of the facts and any previous, related information to produce an unbiased outcome and an expected course of action. A complaint reference should be assigned and all documents relevant to the complaint should have the referenced written on them for continuity. The reference will also be added to the Complaints Register so that complaint and document can be audited and traced back in the future.

Decision Email (Final Response)

After the complaint has been investigated in full and an outcome and action decision has been arrived at, the investigator or Complaints Officer will draft a final response email to the customer with both their findings and their decision on any action to be taken or compensation awarded.

The final response must be sent within eight weeks of the initial response being raised and should also contain the below information should the customer be unhappy with the decision received.

  1. The Financial Ombudsman Service telephone number, address and consumer leaflet accompany the final letter, providing the customer with their options for taking the matter further.
  2. The customer is advised that they have only six months to log the complaint with the FOS.

Complaint Recording

All expressions of dissatisfaction, as well as all formal and informal complaints, are logged in Lendable’s complaints log. This log contains the information set out below and is audited monthly to ensure that incidents are not being repeated and improvements are being made.

  • Complaint Reference
  • Date
  • Nature of Complaint
  • Description of/reason for complaint
  • Department(s) Involved
  • Received by (phone/email/etc.)
  • Lead Investigator
  • Complaint Evaluation
  • Complaints Handling Form Sent (Y/N)
  • Formal Complaint (Y/N)
  • Decision Email Sent (Y/N)
  • Date Complaint Closed

The log is made available to the FCA and FOS upon request, and monthly reports are made to the Compliance Committee.

On the basis of the feedback log, regular complaints reporting will be made to the FCA in line with the requirements set forth in PS15/19.