Today, the FCA has released the financial services complaints data for January to June 2024, which revealed a small decrease in the number of new complaints firms are receiving.
In H1, firms received 1.86m complaints which is a 4% decrease from the previous period. In fact, since the height of PPI complaints in 2020, complaints number have been relatively steady at between 1.8m-2m per reporting period.
Current accounts, motor & transport and credit cards remain the three most complained about products, but all have seen a small decrease in the numbers of new complaints being received.
Overall, banking and credit cards, and home finance were the groups that saw decreases, while decumulation and pensions, insurance and pure protection, and investments all experienced increases in complaint volumes.
Performance in complaints handling remains a top priority for both the FCA and the FOS and they will note that the percentage of complaints being closed within 3 working days has decreased slightly, while the percentage remaining open beyond the 8-week milestone has increased. While this could be down to the nature of complaints being received, with complex products and issues taking longer to investigate, it does indicate that they could still be opportunities to improve the process for both businesses and customers.
In EQ’s experience, having worked with financial services firms for over 20 years, there are always opportunities to fine tune and review operational processes. Whether the technology needs updating, the process optimising, or the inclusion of additional resource and skillsets are required, EQ can support your entire complaint handling operation.
