Reactive comment from Huntswood – FCA H1 2019 complaints data

Following the release of the FCA’s H1 2019 complaints data, Matthew Drage, Director of External Engagement at Huntswood, said: “Following a huge surge in applications to meet the PPI deadline, it’s likely that customers will experience long waiting times for their complaints to be resolved, with some running into 2020 for the most recent applications. Firms need to act as quickly and efficiently as possible, making sure they have the right processes and resource in place to resolve complaints fairly and in the best interest of customers. With the backlog, if it’s not possible to resolve PPI complaints quickly, then firms must communicate clearly to keep their customers informed of any delays and to manage their expectations. This will be something the FCA will be keeping a particularly close eye on.

“It’s encouraging to see the number of overall complaints continue to fall, but what really matters to customers is how their complaints are managed when they have to make them. The FCA has made it clear that it expects providers to take proactive steps to shift their culture to a more customer-centric approach – ensuring customers are treated fairly and with empathy by front line staff. There is a strong business case for exceeding these expectations. It’s easier for customers to switch providers than complain if the process is mismanaged, but firms that go above and beyond the minimum requirements of the regulator have an opportunity to turn customers with complaints into loyal advocates. This should be the ultimate complaints goal for any company.”