| Link(s): | FCA streamlines complaints data reporting requirements for firms | FCA | CP25/13: Improving the complaints reporting process | FCA | CP25/13: Improving the complaints reporting process |
Context
The FCA has published a Consultation Paper seeking to ‘streamline’ the complaints reporting processes for firms The FCA believes that some 10,000 will find it simpler to submit data on the complaints they receive under the new proposals to improve the complaints reporting process, but on first review that means that perhaps 14,000 firms will still have just one return to complete twice a year, but that return will require a good deal more detail than the current complaints return.
The FCA is standardising the number of times it asks regulated firms to report, so that the timing of the requests is more predictable. The FCA plans to consolidate five current returns into one to “…improve the quality of the data we receive…”.
Key points to note and next actions
- The FCA clearly sees “merge five into one” as ‘streamlining’. Currently, 9,802 firms (41.3%) submit either two (40.4%) or three (0.8%) returns (this 9,802 being where the headline of “Ten thousand firms will find it simpler to submit data on the complaints they receive” is derived from.
- The other 58.7% of firms completing complaints returns would still have just one return to complete, but the data required appears to be much more detailed than that required by the current return.
- The existing complaints returns for consumer credit and funeral plans will cease to exist, and will become part of one single (longer and more detailed) complaints return.
- The FCA is proposing to move away from reporting periods which align with firms’ financial year-end dates (their ‘accounting reference date – or ARD) and to create set reporting periods and reporting due dates.
- The FCA is seeking responses to this Consultation by 24th July 2025, and aims to publishes the Policy Statement “later in 2025”. The FCA will aim to provide firms with a year’s implementation period, and would particularly welcome views from the firms who respond about the length of the implementation period proposed.