Customer complaints: How to harness the power of root cause analysis

Consumer Duty has given the issue of complaints a much-needed lift in terms of visibility and importance. It is now mandated that firms understand where outcomes have not been right for customers and complaints are one of the most direct ways of identifying that.  Complaint volumes across all Financial Conduct Authority (FCA) regulated firms have increased over the last ten years. For wealth management firms, complaints have risen by 20% and 24% respectively between 2014 and 2023, showing the industry is still to move the dial significantly. If this trend is to change, it is vital tha...