FCA responds on complaints

The Complaints Commissioner has published its annual report on complaints against FCA and FCA has responded.

FCA notes that the Commissioner upheld FCA’s decision in 90% of the cases reviewed and generally feels FCA deals with the large majority of complaints fairly. It also takes on board the recommendations as to how it could have handled some complaints better. The Commissioner had noted areas where FCA could have been more transparent and commented FCA has in some cases failed to consider the cumulative effects of its actions or inactions. The Commissioner also recommended FCA consider whether things might have been done better and how they could be done better in future. FCA agrees all the recommendations and notes that the supervisory model it introduced in 2015 to put firms in the fixed or flexible supervisory portfolio has, broadly, worked, but that it has identified the need for, and made, some improvements.

In the past year, FCA received marginally fewer complaints than for the previous year, and 80% of these were concluded within the desired 8 week period – nearly twice the proportion than the previous year.

FCA had hoped to consult on amendments to the Complaints Scheme, but has not yet done so. FCA hopes to consult later this year, after discussions with both the Commissioner and PRA.