MPs on the influential Treasury select committee have raised concerns over how the FCA handles complaints.
In April, the Complaints Commissioner, which handles complaints where individuals feel the FCA’s internal processes have fallen short, published a report identifying a number of issues with the regulator’s systems.
These included delays in managing complaints, confusion between different complaints handlers, and a lack of support for inexperienced case handlers.
The Commissioner’s report found “no evidence that the FCA has an effective system to prioritise complaints”, and that delays had worsened over the past year.
The FCA accepted the findings in the case reviewed by the Complaints Commissioner, and promised “ongoing steps to address the complaints handling delays”.
The Treasury committee has now written to the Complaints Commissioner and FCA to ask what progress has been made in addressing these concerns.
Committee chair Mel Stride says: “The complaints scheme requires that those who complain to the FCA should be provided with timescales; their complaint should be dealt with by people with sufficient seniority; and their complaint should be resolved as swiftly as possible with the aim of satisfying the complainant.
“Whilst it is troubling that the Commissioner has stated that these requirements are not currently being met in some of the cases that reach him, he has also noted that the FCA is making genuine attempts to address these complaints-handling problems.
“The Commissioner, though, has stated that the FCA has not yet solved these problems. It is welcome, therefore, that the FCA has committed to addressing these issues.
“The Treasury Committee will expect to see real progress from the FCA in this area and will be seeking regular updates including in our evidence sessions with the FCA.”
