Financial Services Advisory

Publication of FSPO Tracker decisions

Dwayne Price Dwayne Price

Yesterday saw the FSPO publish the first digest of tracker-related decisions. Below details the key figures and updates from the report.

Results show that 17 (68%) of the 25 complaints decided by the FSPO in 2019 were not upheld. Of the eight cases upheld to some degree, only two were fully upheld with a further two substantially upheld and four partially upheld.  These numbers might discourage customers from complaining to the FSPO in the absence of a credible grievance. Samples of some of the unsuccessful arguments put forward are shared in the report which could be helpful to some that might be considering making a submission to the FSPO.

The cases that were fully upheld were both awarded further compensation based on their individual circumstances, which are often situations that the provider may not have been aware of when awarding the initial compensation. Such circumstances may only be revealed when customers apply to the Independent Appeals Panels or to the FSPO.

One banks intention to revisit an impacted population to identify cases similar to one upheld by the FSPO, was welcomed in the report. This led to the other comparable cases already with the FSPO being put on hold to allow the provider to apply the decision across the category. The report reflects how successful the Tracker Mortgage Examination has been with the majority of decisions made by the providers being upheld by the FSPO.

Here in Grant Thornton, our experts have been directly involved in the resolution of more than 50% of the 264 complaints closed through the informal mediation process, on behalf of our clients. Our skills and experience have been gained through several tracker-related assignments ranging from supplying specialist complaint handling teams that collaborate with the FSPO to running independent appeals processes and more.

Effective FSPO complaint handling can lead to better outcomes for all by increasing the number of complaints closed through direct clarification and informal mediation before they become formal complaints. By taking a strategic approach to complaint handling, firms can ensure that their financial and resource investment in this area delivers the greatest benefit to customers.

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