The FCA has confirmed plans to streamline the way firms report complaints to them.
The improvements will improve data quality and strengthen consumer protection across the sector.
Five separate existing complaints returns will be replaced by a single consolidated return. This approach will simplify reporting for firms, reduce duplication, and support more consistent and comparable data collection.
A key feature of the new process is the requirement for firms to report complaints involving customers in vulnerable circumstances. This will enable us to monitor outcomes for those at risk and ensure that firms are providing appropriate support to those customers.
Sarah Pritchard, deputy chief executive of the FCA said:
'These improvements are a significant step forward in ensuring transparency and consistency across the sector. By streamlining returns and introducing clearer guidance, we’re making it easier for firms to provide high-quality complaints data while strengthening our ability to protect consumers, particularly those who are most vulnerable.'
We will also introduce improved guidance and fixed 6-month reporting periods for all firms. This will provide timely insights, drive better benchmarking, and help ensure that consumers and the market benefit from high-quality, actionable complaints data.
These changes reflect the FCA’s commitment to protecting consumers and being a smarter regulator, while reducing unnecessary burdens on firms. We will work closely with industry to support a smooth transition to the new reporting process, with the first reporting period under the new process running from 1 January to 30 June 2027.
For more information, view the full policy statement and updated guidance[1] on our website.