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2009 H2 FSA Complaints Data Summary

Core Content

The Financial Services Authority (FSA) has published updated complaints data for the second half of 2009, following previous reports for 2006 to 2009 H1. This update reflects changes in reporting requirements and includes data across three main areas: volume of complaints, complaints-handling performance, and redress paid.

Main Areas Covered

1. Volume of Complaints

• The data is categorized by product, type of firm, and cause of the complaint.
• Firms now report complaints across 25 different product categories, which can be grouped into five product groups (e.g., Banking).
• The volume of complaints is presented in tables and notes, with the latest data reflecting changes in product categorization.

2. Complaints-Handling

• The FSA now reports the proportion of complaints resolved within eight weeks, aligning with the format firms will use for their own reports.
• Data on complaints upheld by firms is also provided, split by product groups.
• This change improves the clarity and usefulness of complaints-handling statistics for both the FSA and firms.

3. Redress Paid

• The data shows the amount of redress paid in response to complaints with a reporting period end date during the period.
• Redress is only included if a cash value can be readily identified.
• It does not include non-cash redress (e.g., policy extensions) or redress unrelated to complaints (e.g., from enforcement actions).

Key Changes in 2009 H2

• New reporting requirements were introduced on 1 August 2009, aiming to reduce the burden on firms and improve data utility for the FSA.
• These changes have led to non-comparable data with previous periods due to updates in product categories and firm types.
• Product categories and groups have been restructured, and firm types have been merged:
  • 'Bank (inc e-money issuers)' and 'Building Societies' are now combined into a single category.
• For the first time, redress paid is split by product group and firm type (Table 5).
• Speed of resolution and proportion of complaints upheld are now reported by product group (Tables 3.2 and 4.2).

Highlights of 2009 H2 Data

• A waiver issued in 2007 for complaints about unauthorised overdraft charges was reinstated after the Supreme Court's judgment on 25 November 2009, leading to an increase in complaints.
• Banking complaints rose to 2,014,371 (Table 2.1), and complaints to banks and building societies increased to 2,225,458 (Table 2.2).
• Complaints related to terms and disputed sums or charges also increased to 1,572,133 (Table 2.3), forming the majority of current account complaints (Note 3).
• The number of closed complaints increased to 1,599,833, following the trend and expected to rise further as more bank charge complaints are reported as closed.
• Total redress paid for the period 1 August 2009 to 31 December 2009 was £284 million.
• The largest redress paid was in general insurance and pure protection, amounting to £144 million.

Technical Notes

• The data is linked to the FSA's categorization of firm types, such as 'bank' or 'discretionary investment manager'.
• Firm type grouping is based on primary category (Note 2), but this may not fully reflect the type of business a firm engages in.
• The analysis may be affected by firm reclassification between reporting periods.
• Reportable complaints are defined as those not resolved within one business day of receipt.
• A complaint is considered resolved when the complainant accepts the firm's response, regardless of whether it is in writing.
• The FSA does not have figures for complaints that were not reported, but a recent review found that 60-80% of banking complaints were resolved within the eight-week period.

Summary

The 2009 H2 FSA complaints data reflects significant changes in reporting formats and categories, as well as the resumption of reporting on previously waived complaints. These updates provide more detailed and structured information on complaints by product group and firm type, enhancing the FSA's ability to monitor and regulate financial services providers effectively.