28/04/2017
The first reports to be based on data collected by the Financial Conduct Authority under new rules introduced in June 2016 aim to make it easier for customers looking to invest or buy financial products to identify the areas that have been causing the greatest concern for other consumers.
Under the new rules, all complaints are now captured by FCA in the data, with the result that 3.04m complaints were reported in the second half of 2016 – a greater number than in previous reporting periods. The firms now have 3 days to address a complaint to the consumer’s satisfaction, whereas the previous time limit was the next business day.
Two sets of data are available.
‘Firm-level complaints data’ comprises 8 sortable tables, plus a table that includes trading names. Data is included from firms that either report 500 or more complaints within the 6-month reporting period or 1,000 or more for an annual reporting period.
Each table can be split into different product groups and There are also links to the complaints data summaries published by the firms on their own websites.
The tables can be sorted by
- number of complaints by the number of account, policies or sales (context data)
- number of complaints opened (or received) by the firms
- number of complaints closed by the firms
- percentage closed within three days (new reporting rules only)
- percentage closed after three days but within eight weeks (new reporting rules only)
- percentage closed within eight weeks (old reporting rules only)
- percentage upheld (where the firms agreed with the complainant
‘Aggregate complaints data’ sets out the data at market level, without all the details of individual firms.