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|Target Group reacts to the latest FCA Complaints Data|
|Friday, 07 October 2016|
Terry Baxter Director of Risk and Compliance at Target Group comments on the latest FCA Complaints Data: “It’s pleasing to see that the number of complaints overall has continued to fall to a total of 2.05m and that financial services firms recorded a 2.6% reduction overall with almost all product categories seeing a reduction in redress payments compared to the second half of 2015. Challenges remain though, with general insurance and pure protection (including PPI) complaints in particular increasing 6%.”
While those figures are unsurprising, all eyes will be on the regulator in December when it has promised to publish its decision around a deadline for PPI complaints, as well as rules and guidance on handling PPI complaints in light of Plevin. The industry is also watching the continued impact of the July changes to complaint handling rules carefully. The next set of FCA complaint data will provide even greater insight as all complaints become reportable.”
“All indications are that consumers are becoming more complaint savvy and firm’s need to respond to this challenge. Whether this is from personal education, media attention or information being more readily available via popular money and blog sites, customers are better informed and better equipped to make complaints about poor service. In the age of social media and increased transparency around complaints handling, it is even more crucial to respond accordingly and ensure the handling process is sophisticated enough to meet the demands of more educated, discerning and demanding customers.”
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