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Transparency and Standards: FCA Publishes Operating Service Metrics for 2021/22

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Transparency and Standards: FCA Publishes Operating Service Metrics for 2021/22

FCA | Jul 19, 2022

We provide information about the timeliness of our operating service metrics (formerly known as service standards) in a range of areas. For transparency we report on both internal and statutory metrics, as set by The Financial Services and Markets Act 2000 (FSMA).

This year we have made several changes to the metrics we report. This follows a review of our approach to performance reporting. Our intention in making these changes is to ensure we are providing meaningful measures on which we can be held to account.  We have incorporated Enforcement data within our operating service metrics for the first time.  This report covers 47 metrics for the 2021/22 financial year. We have achieved our Service Level Agreements (SLA) targets on 51% of metrics this year, which is a slight reduction from 55% achieved last year.

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Improvements the FCA made compared to last year include:

  • Replying to 66.4% of MPs letters within 15 days, up significantly from 28.4% in 2020/21. We also improved the number of MPs letters replied to within 20 days by 36 percentage points from last year (from 50.1% to 86.2%).
  • Providing a response to consumer correspondence from email/web form/webchat within two working days 87.8% of the time, an increase from 80.4% last year.
  • Closing 170% more complaints in 2021/22 than we did the previous year (820 closures in 2020/21 and 2,211 closures in 2021/22). This included complaints about our regulation of London Capital & Finance plc (LCF)) and acknowledging 93.7% of complaints within 5 working days of receipt, compared to 65.7% in 2020/21.
  • Achieving our SLA target for processing complete applications for registration under the Payment Services Regulations within 3 months with 97.6% for the first time in three years.
  • Enforcement has obtained a range of outcomes this year, protecting consumers, and market integrity. This includes imposing £313m in financial penalties on firms and individuals for breaching our rules, an increase from previous years. This figure excludes the £264.8m that Natwest was fined for failing to comply with the money laundering regulations 2007 as this was a criminal case and the financial penalty was therefore imposed by the court.  We currently have 603 investigations open, looking at issues like market abuse and investment scams.

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Areas the FCA could improve include:

  • Answering telephone calls to the Supervision Hub. We aim for no more than 5% of unanswered telephone calls from firms or consumers.
  • Responding to Freedom of Information Act (FOIA) requests within the statutory timeframe of 20 working days. We completed 67% against our target of 90%. We recognise this is below the standards we expect of ourselves.
  • Achieving our timeframe for subject access requests for information made under General Data Protection Regulation (GDPR 2018). We operate to a target of 90% for Data Protection requests completed within the one- month timeframe but in 2021/22 we responded to 44% of requests within this period.
  • The time taken to process appointed representative notifications within five days of the request. We processed notifications within the five-day voluntary target 44.7% of the time, which is below the target and lower than last year’s 48.1%.
  • Meeting our target for commenting on subsequent proofs of documents submitted for pre-vetting by new applicants/unlisted issuers undertaking public offers and preparing prospectuses for the first time. There was a decline in adherence seen in previous years. This was due to a large increase in submission volumes. In 2020/21 we responded to 642 submissions for new applicants, whereas in 2021/22, the number was 1,108, a 73% increase.

Customer Satisfaction Scores

FCA consumer satisfaction scores 2021 2022 - Transparency and Standards:  FCA Publishes Operating Service Metrics for 2021/22

Continue to view the full set of metrics, download data or view graphs –> here


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