4For companies that report 500 or more complaints under DISP 1.10.1R(1) or 1000 or more complaints under DISP 1.10.1R(2) during the relevant reporting period, the FCA shall publish company-level complaint data and information providing context for the complaint data provided to it: however, this decrease is due to a significant decrease in the number of PPI complaints. This resulted in a 77% drop in 2020 alone. When other types of complaints are analyzed and PPIs are excluded, there was a 3.3% increase in H2 2020 compared to H1 2020. Unless (2) applies, an entity must submit to the FCA twice a year a full report of complaints received from eligible complainants.10 An entity may not include in the report a complaint that has been fully referred to another respondent in accordance with the rules governing the referral of complaints.10 A firm must immediately acknowledge receipt to the FCA in an email to complaintsdatasummary@fca.org.uk. whether the summary of complaint data or the total number of complaints (as applicable)27 accurately reflects the report submitted to the FCA, the summary or total number of complaints (as applicable)27 has been published and has been published. However, if an entity rejects a complaint but chooses to pay goodwill to the complainant, the complaint must be recorded as “dismissed”. Current accounts, which accounted for almost a quarter of complaints, were the most numerous. PPIs, credit cards and other general insurance products each accounted for 11% of complaints. Total compensation for all complaints has decreased by 35%, with the average compensation for non-PPI complaints falling from £192 to £180. The DP is seeking comments on facilities that should be subject to stricter marketing rules, the content of promotional materials, and regulatory concerns. Appeal timelines remained constant, with 49% of non-PPI complaints resolved within 3 days of receipt and 93% of non-PPI complaints within 8 weeks. Company-level complaint data for companies required to publish a summary of complaint data or the total number of complaints (if applicable) in accordance with DISP 1.10A.1R.
The summary of complaint data required by DISP 1.10A.1 R must be published in the format defined in Appendix 1B R of DISP 1. Twice a year, a firm must submit to the FCA a comprehensive report on complaints received from eligible complainants concerning matters relating to the activities of its employees as investment advisers to retail clients. The report must be included in the format set out in Annex 1C R.10 of DISP 1. The FCA also publishes firm-level information that provides context for complaint data reported to it for firms that are required to disclose such information in accordance with DISP 1.10A.1R. Not all group companies are required to submit the report jointly. Companies should only consider submitting a joint report if it makes sense, for example: if the companies have a common central complaints team, have the same accounting deadline, and are all subject to the same reporting frequencies and deadlines.10 Complaint data on the financial services sector as a whole; and publish details of where this summary or the total number of complaints (if any)27 will be published.