The Financial Conduct Authority is looking to replace five different complaints returns with a single consolidated return in a bid to reduce duplication and drive more consistent and comparable data collection. The new process will require regulated firms to report complaints involving customers in vulnerable circumstances.

The FCA said the new process would come into effect for the reporting period that runs from 1st January to 30th June 2027.

Sarah Pritchard, deputy chief executive of the FCA said: “These improvements are a significant step forward in ensuring transparency and consistency across the sector.

“By streamlining returns and introducing clearer guidance, we’re making it easier for firms to provide high-quality complaints data while strengthening our ability to protect consumers, particularly those who are most vulnerable.”