More than one in 20 complaints to financial services firms takes eight weeks or more to resolve, new analysis from Huntswood has found.
While 45% of complaints opened with financial services companies are resolved within three days, analysis shows 5.5% are taking more than eight weeks to resolve. The remaining 48% are resolved between three days and eight weeks.
The analysis found the tenth-best performing organisations in terms of complaints resolution are only able to resolve 75% of complaints before the third day.
Huntswood said organisations operating in all sectors, from banking, decumulation and pensions to insurance, pure protection and investments, feature in the top performing and worst-performing figures.
James Tattersall, senior director, advisory, at Huntswood, said: “Complaints resolution is absolutely critical for customers who want to see their issue dealt with in a timely manner and if the resolution drags on that will only add to their disillusion with the provider.
“Firms need a strategy to avoid that wherever possible while also ensuring the complaint is dealt with properly.”
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