FCA publishes PBA complaints findings

FCA has published the findings of its review into how firms handle complaints about packaged bank accounts following its thematic review of October 2016. As it carried out the review, it looked particularly at recent complaints, made between March and May 2016, as it recognised improvements firms have been making to complaints handling. The findings did show improvements in how firms investigate complaints, but also found firms could still do more in terms of consistency. Areas for potential improvement include:

  • setting out letters in a way that is clearer and more helpful for customers
  • using information that is specific to the customer rather than generic or irrelevant information
  • explaining clearly what the firm understands the customer’s concerns to be
  • accurately reflecting what the firm actually did in its investigation and
  • fully addressing each aspect of the complaint

FCA has given feedback to the firms involved and will now engage with the wider community on its findings.