Context
The FCA has updated the Data Reference Guides section of RegData to include (on the third page) a link to an Excel spreadsheet of the questions and data requirements for the new COM001 Complaints Return.
Key points to note and next actions
The spreadsheet includes several tabs, including version control, ‘start page’, nil returns and sectors, and sector-specific table including ‘GI and Pure Protection’ and ‘Consumer Credit’.
- On the GI and Pure Protection tab, row 31 confirms that the required data items set out at 309A to 313A (which appear under ‘Alloy wheel insurance’ as an example) will need to be repeated for each of the product types that the firm has received complaints about in the reporting period.
- Similarly, row 59 confirms that the required data items set out at 322A to 325D (which appear under ‘Alloy wheel insurance’ as an example) will also need to be repeated for each of the product types that the firm has received complaints about in the reporting period.
- On the Consumer Credit tab, the data item in row 7 (question 701A) asks for the ‘categories’ that firms have had complaints about. There are only three options to pick from, one of which is ‘other consumer credit services’. For most insurance intermediaries, this will be the only category that they are likely to receive ‘consumer credit’ complaints about.
- The data item in row 8 (question 702A) includes a list of product / service types, and one of the options under ‘Other consumer credit services’ is ‘credit broking’. This may be the only category that insurance intermediaries need to select.
The next UKGI Bulletin will be in relation to the new complaints reporting.