June 15, 2023

FOS Data 2023 Blog

The CourtCorrect Platform offers an innovative solution amid consistently high FOS complaints.

As always, maintaining good customer service is vital to business. Yet, as the latest FOS report shows, the financial sector continues to receive high volumes of complaints. From fraud-related complaints to dissatisfaction with service quality, companies need innovative solutions.

The number of FOS complaints over the past five years shows a persistent trend, with this year reporting a high of 282,871 complaints, a slight increase from the previous year. This illustrates the ongoing challenges and need for a solution.

On average, the uphold rate is 35%, showing that over a third of escalated complaints have their decisions reversed. This costs businesses and means complaint handlers are working on old cases, rather than focussing on new complaints. Not to mention, this is poor customer service and affects consumer trust.

What’s the solution?

Resolving complaints before they reach the FOS is the ideal solution, yet this isn’t always possible. Despite our efforts to ensure fair outcomes, escalated complaints still occur. This often happens when customers have lost trust in your business. When consumers see you handle their complaints well, they will trust your decisions.

Furthermore, ensuring complaints meet FOS standards will help prevent unnecessary overturned decisions.

The CourtCorrect Platform

With our consumer portal, customers can track the progress of their complaints. Having transparency in complaint handling helps maintain trust. Customers can see first-hand how their issue is being addressed.

Additionally, our Case Insights tool uses AI to locate similar complaints within your business. It enables case handlers to review and learn from previous complaints you've handled. It also links similar FOS decisions you can view. This reduces the likelihood a complaint will be upheld.

With these tools, you can reduce escalated complaints, maintain trust in your business, and provide a better service for your customers, request a trial today.