First FCA complaints data published since complaint handling rule changes
The latest complaints data published by the FCA, the UK’s Financial Services regulator. What’s all the excitement for, you ask? Well, it’s the first time the data has been published since the complaint handling rules changed on the 30th June 2016.
Well, previously, any complaints resolved within the next business day of the complaint being received did not require to be published … meaning no-one really had a true idea of actual complaints volume per firm.
But now all complaints are reported, regardless of when they are resolved – though, admittedly, the data is now reported at:
- an overall level
- resolved within 3 business day
- resolved within 4 days to 8 weeks
- beyond 8 weeks.
It’s early days since the rule changes – firms have had to get to grip with what the new rules meant for them as an organisation, it’s complaint handling operations and it’s complaint handling staff. As such, many firms may still be on a learning curve and this means that the data may not be completely comparable (as one member of staff may interpret what constitutes a complaint different from a complaint handler elsewhere). And there is also the spectre that firms might be over-reporting as the classify everything as a complaint when some might just be feedback for the firm …. we’ve seen this happen personally in work carried out for a UK insurance provider!
Anyway, find the data tables here: https://www.fca.org.uk/firms/complaints-data-sortable-table-2016-h2
Hopefully you’ll contain your excitement better than our Head of Research, Scott – every quarter either the FCA or FOS (the Financial Services Ombudsman) publish there 6-monthly data and he acts like a kid in a sweet-shop!