CPR for your firm
The Financial Ombudsman Service reported non PPI complaints, rose 58% last year to in excess of a quarter of a million.
FCA data shows that the number of recorded complaints in 2020 was in excess of five million.
On 14th May 2021 the FCA set out plans for a new Consumer Duty, which will set a higher level of consumer protection in retail financial markets for firms to adhere to.
Research from PIMFA found that 26% of respondents had reported an increase of professional indemnity insurance premiums of over 100% in the preceding 5 years. 56% reported that their premiums contained restrictions.
The number of complaints are certain to grow and the cost of managing them, regardless of any redress payments, will increase substantially.
Get ahead of the curve with a Complaint Procedure Review. Enhance your resilience, manage PI premium expectations and demonstrate you meet the enhanced consumer duty.
Contact us now, in absolute confidence, to start the conversation.