More than a fifth of complaints made to financial services firms take at least eight weeks to resolve, according to analysis by Huntswood of the latest FCA complaints data.

While nearly half (45.54%) of complaints are resolved within three days, 5.56% take more than eight weeks, with the remaining 48.9% resolved between three days and eight weeks.

The analysis by the consulting and customer solutions company found a significant gap between the best and weaker performers. The highest-performing organisations resolved 94% of complaints within three days, compared with 75% for the tenth-best performer.

Organisations across banking and credit cards, home finance, pensions, insurance and investments featured among both the strongest and weakest performers.

James Tattersall, senior director, Advisory, 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, 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."

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