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January 24, 2025
In this second of three 'Consumer Duty' focused Hot TopICS in January, we set out the FCA's ‘good practice and areas for improvement’ findings, published on 11th December 2024, following its review into firms’ approaches to complaints and root cause analysis.
Understanding and monitoring the outcomes customers are experiencing, and acting where there are problems, is an essential part of meeting the requirements of the Consumer Duty. It allows firms to track patterns over time and look at outcomes for different customer cohorts. We recommend that firms review their complaints and root cause analysis processes and procedures in light of the findings set out in the FCA’s report, and that smaller firms take account of the FCA’s specific smaller firms commentary.
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