FCA marks slight rise in unanswered calls from consumers in 2018/19

Maria Nikolova

The UK regulator has reduced the number of unanswered calls from firms from 2% to 1.8% but unanswered calls from consumers increased from 1.6% to 2%.

The UK Financial Conduct Authority (FCA) has published its Service standards report for 2018/19. The publication provides information about the FCA’s performance in a range of areas, both statutory standards (as set by The Financial Services and Markets Act 2000 (FSMA) and other legislation) and voluntary commitments. It covers 60 service standards on activities including dealing with regulatory applications, telephone enquiries, and other correspondence.

The FCA’s Customer Contact Centre is the first point of interaction with firms and consumers, so it is important that the regulator is available to provide online and telephone help when it is needed.

The FCA has provided a substantive response to firm’s email/web form/webchat correspondence within 2 working days 93.1% of the time and letter within 5 working days 91.9% of the time. These are above the FCA’s voluntary target of 90%. However, they have both reduced when compared to 2018.

The regulator provided a substantive response to correspondence received from consumers email/web form/webchat within 2 working days and letters within 5 working days. Both are above FCA’s voluntary target of 90%.

The regulator also monitors the performance of its telephone service by the number of calls that are ended before they are answered. This happens if no advisers are available to answer a call promptly or the caller decides to end the call rather than wait. The FC A seeks to minimise the number of unanswered calls by predicting when the contact centre will be busiest and making staff available.

The regulator aims for unanswered telephone calls directly to the Contact Centre to be no more than 5% (voluntary target) for both firms (CM2.3) and consumers (CM3.1). The FCA has achieved this target this year for both firms and consumers and has reduced the number of unanswered calls from firms from 2% to 1.8% but unanswered calls from consumers increased from 1.6% to 2%.

The FCA offers customers a post-call survey to measure its Customer Contact Centre’s performance. The regulator has set a voluntary target of 80% satisfaction for both telephony and correspondence. The regulator has separated the standards for consumers (CS2.1) and firms (CS2.2).

Source: The Financial Conduct Authority.

The correspondence satisfaction scores have improved following the FCA’s work to ensure that its written communications are free of jargon and easy to understand. Its webchat channel is liked and consistently scored highly by consumers. In the future, the FCA aims to increase the availability of webchat and to promote its use.

Finally, the FCA assesses its response to MPs letters. The FCA is an independent financial regulator, accountable to the Treasury and Parliament. Every year it reports to the Treasury on its progress through its Annual Report. The Treasury then submits a report to Parliament on the FCA’s performance against its statutory objectives and how it has dealt with major regulatory cases.

As part of the FCA’s accountability to Parliament, the FCA responds to requests for information from MPs and peers through letters, parliamentary questions and evidence to All Party Parliamentary groups. As a public authority accountable to Parliament, it is important that the FCA responds professionally to such letters so the FCA sets itself target Service Level Agreements (SLA) for responding.

The FCA’s SLAs are paused if the regulator has to seek more information externally, for example from a constituency office, a firm or to another organisation. So, the period it takes the FCA to respond can be longer than the reported SLA.

The FCA has set a voluntary target of 80% (CM5.1a) to provide a substantive reply to letters from MPs within 15 working days and a voluntary target of 100% (CM5.1b) to respond within 20 days. In 2018/19, the FCA dealt with 405 letters (220 of which were replied to within the SLA) from Parliamentarians on behalf of their constituents this year compared to 294 last year. The FCA is taking steps to address the delays caused by increased volumes and expects to see improvements over the next year.

  • Read this next

    Podcasts, Women of the Industry

    FF Podcast delves into the rise of prop trading as Brokeree releases Prop Pulse

    In the latest FinanceFeeds Podcast, Tatiana Pilipenko discusses Prop Pulse, Brokeree Solutions’ platform for prop firms and retail brokers aiming to delve into prop trading. Offering a flat fee structure, Prop Pulse emerges as a scalable solution in an era where successful traders increasingly prefer prop firms over traditional retail brokers.

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.

    Fintech

    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.

    Web3

    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

    <