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Complaints drop but are lessons being learned?

In the modern regulatory landscape, how complaints are managed says a lot about how a culture permeates through any financial services firm.

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The Financial Conduct Authority (FCA) collects and publishes the number of complaints made against financial services firms twice a year. This month it published the data for the first half of 2016.

 

The information shows that more than two million complaints were made against banks, insurers, lenders and other financial services firms between January and the end of June this year.

 

Part of the data recorded included complaints made about consumer credit to financial firms.

 

Shop Direct had the most consumer credit complaints opened against it - 8,681 but declined to comment on the figure when approached by Credit Strategy.

 

In terms of consumer credit grievances, Volkswagen Financial Services had the second highest cases opened with 4,262, followed closely behind by Cabot Credit Management with 3,646.

 

Cabot Credit Management said the number of complaints represents less than one per every 1000 of its customers, which compares favourably to other financial services firms.

 

A spokesperson for the debt purchaser said: “Cabot was one of the first major firms in debt management to be authorised, on March 11 2016, resulting in it being the only firm to report to date in this sector.

 

“In line with FCA expectations Cabot registers any expression of customer dissatisfaction as a customer complaint, many of which are verbal in nature and resolved at the point of expression.

 

“There is a dedicated team in place to monitor themes and as a result the company continues to learn from this valuable source of customer feedback.”

 

Providers which had the highest number of consumer credit complaints upheld were Alphabet GB Limited and FCA Automotive Services UK, both at 64 percent.

 

See Credit Strategy’s November issue for the full article on p8.

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