The regulator will replace five separate existing complaints returns with a single consolidated return.
This will simplify reporting for firms, reduce duplication and support more consistent and comparable data collection.
Firms will be required to report complaints involving customers in vulnerable circumstances, which the regulator said would allow it to “monitor outcomes for those at risk and ensure that firms are providing appropriate support for those customers”.
The FCA will also introduce improved guidance and fixed six-month reporting periods for all forms.
This will offer “timely insights, drive better benchmarking, and help ensure that consumers and the market benefit from high-quality, actionable complaints data”.
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The FCA said that it would work closely with the industry to “support a smooth transition” to the new reporting process. The first reporting period under the new process will run from 1 January to 30 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.’
