Context
The FSCS has announced that, in April, it brought its customer contact centre in-house. This marked a key milestone in the scheme’s transition towards a new hybrid operating model, which also saw FSCS announce earlier this month that PwC has been awarded the contract for its core claims service.
Key points to note and next actions
FSCS sees the move as more customer-centric, with the new contact centre team responding to customer calls and webchats directly from FSCS’s existing office in London. It is part of a wider programme of change that will see more of FSCS’s claims handled in-house, with a smaller proportion outsourced.
Bringing customer contact operations in-house adds value to FSCS’s claims service, with the small team of call handlers benefiting from shared learning opportunities and direct access to the wider expertise that exists across FSCS. The move also increases flexibility and efficiency when handling the increasingly complex and varied claims that FSCS receives.
Over the years, FSCS has seen a rise in the volume of claims that often involve more complex, longer-term products such as pensions or investments, where customers may not realise anything has gone wrong until long after financial advice was given, or the product was taken out. FSCS data shows that approximately 85% of claims are made five or more years after the original advice was given. This long timeline can present challenges when gathering the relevant data and evidence needed to process a claim. Increasing in-house capability and expertise in claims handling will ensure the best outcomes for customers.