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FCA Releases Latest Complaints Data Equiniti

FCA Releases Latest Complaints Data

Friday, 28 April 2023

With the Consumer Duty just months away, the FCA releases complaints data from H2 2022

Complaints data plays a key role in helping firms identify ways to change and improve financial products and services. With the Consumer Duty due to be introduced this summer, the FCA has released the latest batch of complaints statistics covering July-December 2022.

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.