Troubling concerns raised about FCA’s handling of complaints

Industry News | 26/06/20

“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.”
The Complaints Commissioner recently published a report which found ‘serious delays and poor handling’ of complaints by the FCA. The Commissioner said: “Many complainants are currently suffering prolonged delays in the handling of their complaints, with inadequate communication. I need to emphasise that many of the complainants under the Scheme – whether consumers of financial services or people in small businesses regulated by the FCA – are people who have suffered significant loss and are in considerable distress. They come to me often at their wits’ end because of the lack of progress.”

Mel Stride MP, chair of the Treasury Committee, has now written to the Complaints Commissioner for views on how well the FCA has dealt with its concerns.

Source: financial reporter