In June 2019, we updated the way we categorise complaints (our taxonomy) in response to feedback from stakeholders and to better reflect the range of complaints we see. Our Q1 2020/21 complaints data release was the first set of data to be published under our new taxonomy.
Our new product taxonomy
Our old taxonomy contained 120 different products and services split into 19 product groups. Our new taxonomy increases this number to 216, split into 33 product groups, providing more granular insight into the complaints handled by our service.
All previous data sets will remain in our old taxonomy. To help stakeholders compare historic data with our new taxonomy, we have provided a summary guide below for each sector to explain the key changes. You can also view a full table of the two taxonomies (XLSX 24KB).
Banking and credit
In banking and credit, we’ve made three key changes to our categorisation in response to feedback we’ve had from stakeholders:
- We’ve expanded our mortgage taxonomy so that we can now give more in-depth data around the types of mortgage complaints we receive.
- We’ve split out some of our consumer credit products to allow us to provide more specific data on complaints about motor finance and rent-to-own agreements.
- We’ve also split some banking products to enable us to give complaint numbers for business products as well as personal products.
In our old taxonomy any complaints about specific or specialist insurance policies were categorised as ‘specialist insurance’. Under our new taxonomy, we are now able to report on a wider range of different specialist policies, including products such as gadget insurance, jewellery insurance and bicycle insurance.
For investment complaints, we’ve expanded a number of products so we’re able to report on some of the newer investment products available to consumers:
- We’ve expanded our ISA products in the new taxonomy so we can now provide data for complaints about newer ISA products, such as lifetime ISAs and innovative finance ISAs.
- We’ve also expanded our taxonomy for complaints about life and critical illness policies. Our new taxonomy allows us to provide separate data for reviewable and non-reviewable policies.
Our pensions taxonomy has remained relatively unchanged, but our new taxonomy has split annuity complaints into conventional and investment-linked annuities. Our new taxonomy also allows us to provide details of complaints about Section 32 Plans – a deferred annuity plan that accepts the transfer of funds from an occupational pension scheme.