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Screenshot of a breaking news alert e-mail from Q2 2017
The Financial Conduct Authority (FCA) have today published their eighth data bulletin. This edition focuses on insights from the consumer contact centre, as well as the latest trends in the retirement income market.
The consumer contact centre is the main point of contact for consumers of financial services firms who want to interact with the FCA; it handles more than 100,000 contacts a year. The data shows that consumers contact the regulator about a wide range of financial products and for a variety of reasons. The most popular type of query the consumer contact centre dealt with related to:
- firm registrations
- customer service issues
- scams or potential scams
The data also shows that contact about consumer credit has decreased from almost 19,000 to 15,700.
The consumer contact centre also helps consumers by directing them to other organisations that can assist them; one in three contacts are directed to other bodies such as the Citizens Advice or the Money Advice Service. The consumer contact centre also helps vulnerable consumers by maintaining partnerships with the Samaritans, Shelter, Mind, Scope and Age UK, among others.
More than one in ten consumers who approach the FCA, do so to report a financial scam and to ask what their next steps are. Because of this, and the contact centre’s escalation of such queries, more than 150 consumer alerts about unauthorised firms were published on their website. Throughout February and March, the FCA are running ScamSmart radio and online video ads, this campaign is designed to help prevent consumers falling victim to investment fraud.
The publication also includes the latest trends in the retirement income market. The data covers April 2016 to September 2016 and shows how consumers accessed their pension pots as well as in what circumstances a financial adviser was used.