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ifs University College responds to FCA complaints figures

21 October, 2015

Financial education specialist ifs University College has urged financial services providers to consider how professional qualifications can both lessen the level of complaints they receive and improve the way they are handled, following the latest publication of FCA figures.

The figures, published today (30 March), show a rise  in non-PPI related complaints to 1,124,622 over the course of 2014, with banking and credit card services forming the majority of consumer complaints.

According to the findings, the top five most complained about products and services in the second half of 2014 were:

  1. Payment protection insurance
  2. Current accounts
  3. Other general insurance
  4. Credit cards
  5. Savings, including cash ISAs, and other banking

Commenting on the latest figures, Martin Day, Vice Principal at ifs University College said:

The rise in non-PPI related complaints is a timely reminder that financial service providers need to think carefully about the wider processes they employ in dealing with customer grievances. Qualifications such as the Retail Banking Conduct of Business are designed to allow institutions to improve their levels of service in the first instance, before complaints are even received.

Additionally, alternative qualifications such as the Certificate in Regulated Complaints Handling (CertRCH) ensure frontline and customer-facing staff have the necessary skills and competencies to deliver the best possible solutions for their customers, should a complaint be received.