Being transparent about the number of complaints that firms receive is helpful for the industry and consumers. Firms can compare their performance with their peers and consumers have an additional source of information about the firms we regulate.
Following changes we have made to complaints reporting requirements, we are aware that some firms are having difficulty compiling or publishing their complaints data in the new format. As a result of these challenges we recognise that some firms may find it difficult to publish their data as required. We nevertheless expect firms to publish as soon as they are able to, and in any event no later than March 7.
We publish two different types of data: at firm level for individual firms; and aggregate (or total) figures for the industry.
This includes data from individual firms that have reported 500 or more complaints in a six-month period. This accounts for around 97% of complaints that firms report to us. We publish the complaints data in both a sortable online table in which you can search the data by firm and a downloadable table in which you can search the data by product group.
This includes all the complaints that firms report to us. The total number of complaints is split into:
- products – like banking or home finance (mortgages)
- type of firm – like bank or investment manager, and
- the nature of the complaint – like advice or customer service
How we define a complaint
The full definition of a complaint is in our Handbook glossary. Firms must report complaints from eligible complainants about activities carried out from an establishment maintained by the firm or their appointed representative in the UK.
Prior to 29 June 2016, we did not require firms to submit complaints data for complaints that were resolved by the end of the following business day after they were received. This rule is set out in our Handbook at DISP 1.5. From 30 June 2016 the rule changed so that all complaints become reportable and this new data will feed into the next complaints data publication due in April 2017. The amendments to DISP 1.5 were discussed in Policy Statement 15/19.
A complaint is resolved where the complainant has indicated acceptance of a response from the firm. Neither the response nor the acceptance needs to be in writing. In many cases, firms will be able to resolve a complaint by the following business day. A review of complaint handling in certain banking groups found that 60% to 80% of all complaints were resolved within this timetable.
In 2015, we published new rules on improving complaints handling, including improvements to how we report and publish complaints. As a result of these changes, from April 2017 our biannual complaints publication will change. This new, fuller data set will not be comparable to the historic data, but we believe will be more informative for consumers and industry (including figures to put the number of complaints into context in relation to the size of each business), and will provide us with better intelligence.
Consumer credit complaints data
The aggregate data does not include complaints against firms that are only authorized to carry out consumer credit-related activities. We will not be publishing aggregate data for all firms until they are authorised and are reporting their complaints data to us after April 2017.
Making a complaint
Please see how to complain.
Future edition publication dates
2016 H2: 26 April 2017 (to be confirmed)
2017 H1: 19 October 2017 (to be confirmed)