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.
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.
____________________________________________________________________________
The Payments Association
St Clement’s House
27 Clements Lane
London EC4N 7AE
© Copyright 2024 The Payments Association. All Rights Reserved. The Payments Association is the trading name of Emerging Payments Ventures Limited.
Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
