The Central Bank of Ireland today published findings of a research concerning complaints handling within regulated financial services firms. The study was commissioned by the regulator to PwC and was conducted online with a panel of more than 1,000 consumers. The surveys were completed in November 2015, with additional works with focus group conducted in March this year.
Respondents had to share their experiences with making a complaint, its treatment and outcome.
Only 41% of respondents who had made a complaint said that they were treated fairly during the process, whereas 39% of respondents were satisfied with how the complaint was handled.
More than a half (52%) of respondents who were given a named contact during the process were satisfied with how their complaint was handled compared to 29% of those not given a named contact.
The way in which complaints are handled can have a substantial effect on consumer behaviour, as:
- 18% of respondents who had made a complaint said that they switched provider based on how the complaint was handled.
- 51% said that they were less likely to purchase another product/service from the same firm.
- 56% said that they were less likely to recommend the firm to a friend or family member.
Director of Consumer Protection, Bernard Sheridan said:
“Some of the findings of this research cause concern in this respect, particularly in relation to consumers being treated fairly and being satisfied with how their complaint was handled. It is important that regulated firms consider the findings of this research to ensure that their approach to resolving complaints is achieving a fair outcome for consumers.’
You can download the full report by clicking here.