The Financial Services Consumer Panel has expressed disappointment at Financial Conduct Authority (FCA) figures revealing continuing problems with the handling of PPI complaints by firms.
This follows a number of thematic reviews where firms have been found wanting following investigation by the FCA. Most recently the FCA disclosed that firms were failing to abide by the spirit of the Retail Distribution Review (RDR).
Sue Lewis, Consumer Panel chair, said: “We welcome the FCA’s work to expose the shortcomings of these firms. However, there is clearly a long way to go before some in the industry get the message that they need to act in consumers’ interests. If the supermarkets behaved in this way, we would still be eating horsemeat masquerading as beef.
“We are pleased to see that the FCA is taking enforcement action against at least one firm. However, the review is the tip of the iceberg as it deals with firms responsible for less than one in six complaints (1). The FCA must also get tough with the big players.
“Consumers who feel that their complaint has not been taken seriously should complain directly to the Financial Ombudsman Service. You don’t need to use a claims management firm.”