View more on these topics

FCA says banks’ complaint handling ‘isn’t working’

FCA director of mortgages and consumer lending Linda Woodall

The Financial Conduct Authority is planning a thematic review of complaint handling in banks, building societies and insurers, placing greater onus on the role of senior management.

In a speech at a Building Societies Association event on Tuesday, FCA director of mortgages and consumer lending Linda Woodall said “something isn’t working” in the  complaint-handling process. 

She said: “The amount of complaints that go to the ombudsman suggests that something isn’t working in the way firms manage and investigate customers’ complaints.

“So … we are going to undertake a thematic review of complaint handling and management in major firms, including building societies. The review will identify why complaint handling is not working well for some consumers and address any poor practice within firms. 

“We will use our new assessment approach to place greater onus on ‘senior persons’ to understand how effective their firm’s complaint-handling process is and how they use the complaints experience to identify and correct the systemic causes behind customers’ complaints.”

Woodall said the thematic review will be conducted in two phases and the FCA expects to publish recommendations in the second quarter of 2014.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm