The proposals include consolidating the currently required five returns into one while also improving the quality of the data reported to the FCA. Combined with standardising the timetable for submitting returns, the FCA believes that these changes will help them to identify potential consumer harm faster while also improving the consistency and efficiency of the complaints reporting process for all concerned.
The deadline to submit feedback for the Consultation Paper CP25/13 is 24th July – and you can find out how here CP25/13: Improving the complaints reporting process.
The FCA is turning their attention to the effectiveness of handling and reporting on complaints for both the firms and their own sake. This aligns with three of their 5-year strategic priorities - to support growth, help consumers, and be a smarter regulator.
For businesses, this underscores the need for effective and efficient complaints handling processes and solutions that can adapt flexibly and quickly to changing regulatory and reporting requirements. The right solution can also deliver significant growth value for your business as the MI it provides can feed product and service development and improvement programmes, helping businesses more accurately meet the needs of their customers.
Solutions like EQ’s MMX and Complaints Professional support operational and reporting requirements by allowing firms to easily:
- Adapt quickly to changing regulatory and reporting requirements
- Save time and effort with auto generated standard FCA complaints returns and reports
- Identify business improvements with deep dive Root Cause reporting
- Increase consistency and quality of outcomes with guided processes and templates
- Build a complete picture of the customer, including any associated vulnerabilities
- Support users with pre-approved suggestions and solutions to complaints
- Include FOS examples of best practice, required outcomes and guidance
As the FCA continues to focus on growth and helping consumers, EQ Customer Resolutions can help financial services firms in their ambitions to achieve both these objectives.