UK Financial Services firms have to provide the Financial Conduct Authority (FCA) with data on the complaints they have received every 6 months, which the FCA then publish for all to see. How can good complaints management software help financial firms with this somewhat painful requirement?
Coping with Complaint Trends
4.29 million complaints were made to financial firms in the first six months of 2019 (H1), with PPI complaints continuing to be a significant number (49.3% of all complaints). With the deadline for PPI now passed (29 August 2019), complaints overall could be expected to fall significantly, once these claims have progressed through the system. But you never know when another incident may happen that could cause complaints to blow up again.
A good complaints management process will help ensure that no matter how many complaints are coming through the business, professional practice and process will be followed, and every complaint will be well handled. You may get complaints, but you can avoid complaints about how you handle them (and fines for poor complaint handling from the Regulator).
Prevent Future Complaints
Of course you want to limit the number of complaints coming through in the first place. Collecting and analysing complaints data can help you to identify products that need improvement, or specific areas of the business that need to change. The FCA data shows the 5 most complained about products in 2019 H1 were (in order): PPI, Current accounts, Credit cards, Motor & Transport Insurance and Other general insurance.
But what would the top 5 complaint areas for your business be? What is the detail behind your data?
Monitoring complaints data helps to highlight any emerging issues or risks.
Easy FCA Reporting
Finally, you can make the process of reporting complaints data to the FCA as simple and efficient as possible. Our Workpro complaints management software includes regulatory reporting as a standard feature so you can produce FCA regulatory reports quickly and cost-effectively.
Workpro Financial Services complaints management software makes compliance with FCA regulation a lot less painful. Contact us to learn more or book a demo today.