How long does the FCA expect almost all complaints to be substantively addressed?

The Financial Conduct Authority (FCA) expects almost all complaints to be substantively addressed within eight weeks. This timeframe is designed to ensure that consumers receive a timely response to their concerns and issues. The eight-week period allows firms to investigate complaints thoroughly and come to a fair resolution, promoting efficient handling of grievances and enhancing consumer trust in the financial services industry.

As the regulatory body overseeing financial services in the UK, the FCA emphasizes the importance of responding to complaints promptly and effectively. Addressing complaints within this timeframe aligns with the FCA’s goal of ensuring high standards of customer service and operational transparency among financial institutions.

Longer timeframes, such as twelve weeks or six months, would not align with the FCA's standards for timely consumer communication and resolution of issues. A response timeframe of four weeks, while quicker, may not allow sufficient time for a proper investigation and response to the complexities often involved in financial complaints. Thus, the eight-week period strikes a necessary balance between thoroughness and promptness in addressing consumer complaints.