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The analysis of the latest Financial Conduct Authority (FCA) opened complaints data found 5.56% of complaints took longer than eight weeks to resolve.
More than one in 20 complaints made to financial services firms take more than eight weeks to resolve, according to analysis from Huntswood.
The analysis of the latest Financial Conduct Authority (FCA) opened complaints data found 5.56% of complaints took longer than eight weeks to resolve.
However, almost half (45.54%) were resolved within three days, while the remaining 48.9% took between three days and eight weeks.
Huntswood found significant differences between firms, with the best-performing organisations resolving 94% of opened complaints within three days.
By comparison, the 10th best performer by complaint resolution time resolved 75% within the same period.
Organisations across banking and credit cards, home finance, decumulation and pensions, insurance and pure protection, and investments featured among both the highest and lowest performers.
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 ensuing the complaint is dealt with properly.”
Siddharth Parashar, managing director, UK & Europe at Huntswood/ResultsCX, added: “It is clear that financial services companies have a problem in resolving complaints but it is also fair to say that the complexity of complaints will vary massively depending on sectors.
“Firms would agree that preventing complaints from happening is the best approach.”