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FCA Complaints Reporting Review deep dive session

July 4 @ 3:00 pm - 4:00 pm

We are delighted to provide you with another session to engage directly with the regulator.

Join the FCA and TPA policy team on July 4th between 15.00 – 16.00 GMT+1. The FCA has requested us to convene members to discuss the Complaints Reporting Review.

The purpose of this engagement meeting will be to focus on the current experiences of firms with respect to the complaints reporting process, and it’s important you join and have your say.

 

Background

Complaints Reporting Review: Scope of the project

The FCA is undertaking a comprehensive review of the complaints reported by regulated firms. The focus is on the returns themselves and not on the firms that report complaints.

Reasons for the Review

Complaints are reported by firms across a number of different returns (the main one being DISP 1, though there are several others). Some firms may currently complete several returns at different intervals (6-monthly and annually). This can present challenges to the firms providing their complaints data, and to the FCA in seeking to understand the complaints data that firms have provided, for example:

·     spotting trends in complaints data on a timelier basis

·     receiving complaints data which is sufficiently granular, depending on the size of firm reporting them and the number of complaints reported

·     whether the frequency with which complaints are reported by different firms affects the quality of reported data and is proportionate for some firms

·     whether the current reporting process is simple and accessible enough for firms.

Potential areas for improving complaints reporting

The FCA is considering ways in which to tackle the issues above and would welcome firms’ input on their experience of the existing complaints reporting system and on what changes we may want to make, including:

·     Consolidating a number of existing returns that a number of firms have to complete into a single return which allows the FCA to capture the most relevant complaints data. The format of the single return will be tested for accessibility and ease of use by firms

·     Moving away from group reporting to facilitate firms being asked for only relevant data

·     Potentially increasing the frequency with which data is reported using the consolidated return

·     Potentially taking a more ‘dynamic’ approach to complaints reporting to be more proportionate with the burden of reporting on firms with no or few complaints, while ensuring that the FCA receives better quality and more granular data from firms in receipt of more complaints

·     Considering the current product/service categorisation of complaints on returns and seeking views from firms on how this compares to the categorisation of complaints data on firms’ reporting systems, and where improvements could be made.

What input does the FCA need from industry?

The FCA would value support from firms to help shape the future of complaints reporting. We are hoping your members will have useful insights to share with us that can be incorporated into the reporting process and can provide us with feedback as our proposals develop. We are keen to set up a roundtable with your members in the coming weeks to engage with them and discuss these issues. We would be grateful if you could provide us with details of those members who would be willing to work with us on this.

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Details

Date:
July 4
Time:
3:00 pm - 4:00 pm
Cost:
Free

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