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FSCA’s Complaints Management Review Report on the Banking Sector

The Financial Sector Conduct Authority (FSCA) has published the findings of a thematic review conducted across the banking sector, providing key insights into the alignment of banks’ complaints management processes with regulatory requirements.

This follows the FSCA’s ongoing supervisory efforts to improve industry practices and promote the fair treatment of financial customers.

To this end, the FSCA conducted a sector-wide review to assess the extent to which
banks’ complaints handling arrangements are delivering fair outcomes for complainants, as required by Conduct Standard 3 of 2020 (Banks) (the Conduct Standard). The Conduct Standard, which became effective in July 2021, sets out various requirements for the fair treatment of financial customers by banks.

Section 8 of the Conduct Standard outlines detailed requirements relating to the management of complaints by banks. The review focused on key areas such as the categorisation of complaints, quality of record-keeping, customer communication and disclosure of information relating to the rights of aggrieved complainants to approach the relevant financial ombud schemes. While several banks have taken significant steps to improve their complaints handling processes and bring them in line with regulatory requirements, some challenges and inconsistent practices continue to be observed across the sector.

Key challenges identified include:

  • Inconsistencies in the categorisation of complaints resulting in inaccurate reporting.
  • Deficiencies in record-keeping impacting effective oversight and decision-making.
  • Failure to keep complainants informed and a lack of transparency in decisions.
  • Limited disclosure regarding the availability of ombuds redress mechanisms reducing the ability of complainants to pursue alternative recourse options.

The complaints management review report is available on the FSCA’s website.

Stakeholders are urged to review the findings and take proactive steps to help strengthen complaints management practices within the banking sector.

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