Key findings from the FCA in the complaints data report include:
- A 6% decrease in overall complaints compared to the six months prior.
- Banking, credit cards, insurance, and pure protection all saw a decrease in complaints.
- Home finance and pensions both experienced increases in complaint numbers.
- Other noticeable increases can be seen in the following products; ISA up 35%, Travel up 44%, and Assistance a 10% increase.
In addition to evaluating how firms treat their customers, the FCA uses complaints data to: guide supervisory activity, identify problem areas, and inform future enforcement actions. The full details from the FCA can be found here.
EQ’s team also performs a deep dive analysis of the data to help firms better understand their own performance level against industry standards. Our full report will be out soon.
Using complaints data and root cause analysis for the Consumer Duty
For businesses, the focus on giving customers what they want and need has taken on regulatory as well as business importance. The Consumer Duty impacts all areas of business operations.
Complaints can give businesses unique and valuable insight into putting many of the Consumer Duty principles in place. By getting your data and complaints handling processes optimised, the results can help drive all future operations in a way that is fully compliant with the FCA’s expectations as part of their Consumer Duty.
Our recent whitepaper, Using Data to Improve Complaints Handling, offers a full insight into developing a root cause analysis strategy to benefit your whole business.