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New Complaints Data Published by the FCA
27th April 2017
New Complaints Rules: Data Published
This week the FCA published the first set of data under the new Complaints Rules that came into effect last year.
As a reminder, the New Complaints Handling Rules came into effect on 30th June 2016. At that time, all firms were required to adhere to the New Complaints Handling Rules and submit a Complaints Handling Report to the regulator about the number and types of complaints they received over a period of six months.
The first Complaints reporting date was in February this year and covered the six month period following the implementation of the new rules.
Whilst there were no exemptions to reporting, firms that had few complaints within the six month reporting period were allowed to complete a shortened form and those that had no complaints a Nil return was required to be submitted.
The Regulator’s report shows that in the second half of last year, the total number of complaints reported by firms was 3.04 million.
Whilst this number is higher than that in previous reporting periods, this is due to ALL complaints being captured within the data required to be reported under the new rules, whereas previously firms weren’t required to report upon complaints handled informally .
As a reminder, under the new rules:
See our previous article for more information on the New Complaints Handling Rules.
The regulator believes that the data now being reported is more informative than it has been in the past as it now shows the number of complaints against the size of business and provides a greater insight into the products that consumers complain about.
The Executive Director of Strategy and Competition at the FCA, Christopher Woolard said:
“These data will provide us with improved intelligence on complaints including new detailed data to show where industry is potentially failing consumers at product level”
If you are newly regulated and would like assistance in establishing your complaints handling processes or your firm is currently reviewing your Complaints Reporting processes and would like additional support, please get in touch with our experienced regulatory support team who would be happy to help.
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