About 10,000 companies will find it easier to submit customer complaint data under new reporting recommendations, financial conduct authorities say.
The New York City Watchdog program “merges the current five returns into one” and it will also “improve the quality of the data we receive and help us identify potential harms faster.”
It added that it intends to standardize the number of times it requires regulated companies to send data returns to make the timing of physical requests more predictable.
It will help companies plan more effectively and help regulators process information more consistently.
“Simplifying the complaint data reporting process will reduce unnecessary burden on the company and strengthen our commitment to smarter and more effective regulations,” said Sarah Pritchard, executive director of FCA Oversight, Policy, Competition and International.
“These suggestions will also help us collect quality data on complaints received by companies, which will help us discover and respond faster in case of hazards.”
The FCA will accept feedback on the proposal in its consultation document CP25/13: Improve the complaint reporting process until July 24.
