UK FCA finalises policy on streamlining complaints data reporting

The UK Financial Conduct Authority (FCA) has published policy statement PS25/19, confirming final rules to modernise complaints reporting. Following its May consultation, the FCA confirms the rules largely as proposed, including: replacing five existing returns with a single consolidated return; removing group-level reporting; updating complaints categorisation to reflect evolving product types; improving guidance on products subject to complaints reporting; and introducing a category to capture complaints by vulnerable consumers. Minor adjustments were made following feedback, such as taxonomy updates. Firms have 12 months from publication (until December 2026) to implement the changes and make the appropriate internal process and system changes. The first reporting period under the new arrangements is set for 1 January to 30 June 2027, with further details set out in Chapter 3 of the policy statement. The FCA will provide further communication and user testing to support a smooth transition and will review effectiveness post-implementation after five years. Separately, Chapter 4 outlines a consultation on whether to extend the capture of vulnerability-related data to payment services, funeral plans and claims management company firms. The deadline for responses is 2 February 2026.

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