New complaints data is a missed opportunity and will not help consumers

Yesterday the UK financial regulator released complaints data for the second half of 2016. While this happens every six months, yesterday was meant to be different. This data was meant to arm consumers with information to make more informed decisions, and ultimately empower people to make the financial world better. Sadly, it turned out to be a lost opportunity.

So what did change? As a result of Policy Statement 19/15, the Financial Conduct Authority (FCA) has released more information than ever before. From 30 June 2016 all complaints handled by a regulated firm became reportable (previously it was just complaints dealt with by the close of the next working day). To enable fairer comparison between businesses, complaint volumes have also been set in the context of the size of the business.

The FCA stated that it wanted this new data be more informative. In its own words: ‘Greater transparency of complaints information will enable consumers looking to invest or buy products to be better informed about the products that have caused concern for other consumers.’