Laura WilesFollowing a review into 40 firms across a range of sectors, the FCA has set out guidance on good practice and areas for improvement for firms’ approaches to complaints and root cause analysis.
The FCA identified good management information and clear governance structures as an area of good practice. It found that firms establish processes for carrying out root cause analysis of complaints management information in order to identify trends and themes. Most could also evidence clear escalation routes and accountability. This meant that everyone in the firm was aware of where to send relevant information.
It also identified three key areas for improvement:
- Analysing data for different customer types
- Taking action based on these insights
- Assessing and measuring the impact of these actions