MORE than a third (36 per cent) of complaints against RateSetter between 1 October 2018 and 31 March 2019 were upheld, recent data has shown.
Data released by the Financial Conduct Authority (FCA) also showed that a third of complaints against the peer-to-peer lender over the period were closed within three days, while 65.2 per cent were closed after three days but within eight weeks.
RateSetter reported 16.5 complaints per 1,000 client accounts between 1 October 2018 and 31 March 2019.
“RateSetter offers market-leading products, an unrivalled track record of delivery for customers and award-winning customer service,” said a RateSetter spokesperson.
“We want our customers to be happy, so if they tell us about an issue (no matter how big or small it is, on our systems we categorise it as a complaint), we work to resolve it as quickly as we can.”
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Peer2Peer Finance News understands that RateSetter has been investing in its complaints handling training and has made changes to its processes over the past couple of years, meaning that more enquiries are now classified as complaints.
It captures so-called “short” complaints – meaning complaints that are less material or are very quickly dealt with, whereas other businesses may not capture these in their complaints data.
The FCA data also revealed that 28 per cent of complaints against fellow ‘big three’ P2P lender Zopa, over a slightly different reporting period of 1 January 2019 to 30 June 2019, were upheld.
609 complaints were opened against Zopa over the period and 586 of these were closed, the FCA data showed.
“At Zopa, we care passionately about our customers and try to reflect that in everything we do,” said a Zopa spokesperson. “When things don’t go as expected, our aim is to investigate and resolve complaints as quickly and efficiently as we can.
“As we grow, we’ve significantly invested in our customer facing teams and processes to ensure our customers receive the best possible experience, and we’re proud to have maintained an industry-leading Trustpilot score and an NPS of 81.”