Prudential is a leading life and pension provider with 6 million policyholders in the UK. We are focused on building strong, long-term relationships with all our customers and the quality of service we provide, including the way in which we handle complaints, is very important to us.
While we believe that our current complaint handling process is robust, we appreciate that improvements can be made. That is why we continually work hard to resolve all complaints in a fair and timely manner.
Detailed below are the number of complaints we received and completed from July to December 2016.
Firm Name: Prudential Assurance Company Ltd
Other firms included in this report: Prudential Pensions Ltd, Prudential Lifetime Mortgages Ltd, Prudential Distribution Limited, Prudential Financial Planning Limited.
Period covered in this report: 1 July 2016 - 31 December 2016
Brands/trading names covered: Prudential UK
|Product/Service Grouping||Number of complaints opened by volumes of business||Number of complaints opened||Number of complaints closed||Percentage closed within 3 days||Percentage closed after 3 days but within 8 weeks||Percentage upheld||Main cause of complaints opened|
|Banking and Credit Cards||n/a||n/a||n/a||n/a||n/a||n/a||n/a|
|Home Finance||7.81||97||95||54.7%||42.1%||43.2%||General admin / customer service|
|Insurance and pure protection||0.37||881||880||54.1%||43%||66.8%||General admin / customer service|
|Decumulation and pensions||2.27||7,993||7,380||61.3%||37.5%||78.2%||General admin / customer service|
|Investments||5.63||4,963||4,988||66.2%||33.3%||78.4%||General admin / customer service|
- Number of complaints opened per 1000 policies in force at the reporting date end.
- Number of complaints opened - This is the total number of new reportable complaints we received during the reporting period.
- Number of complaints closed - This is the total number of reportable complaints which we investigated and issued a final response, confirming the outcome of that investigation. This may be higher than the number received if we had had some investigations still in progress at the start of the reporting period.
- Complaints closed within 3 days (%) - This is the % of complaints we completed within 3 working days of first receiving them.
- Complaints closed after 3 days but within 8 weeks (%) - This is the % of complaints we completed after 3 working days but within 8 working weeks of first receiving them.
Closed complaints upheld by firm (%) - This is the % of complaints where, after an investigation by our specialist complaints team, we agree we had been at fault.
Cause of complaints – This is the main cause of customers complaining.
- Banking and credit cards - current accounts, credit cards, overdrafts, packaged accounts, savings (including Individual Savings Accounts (ISA)) and other banking products.
- Home Finance – equity release, impaired credit, second and subsequent charge, other regulated home finance products and other unregulated home finance products.
- Insurance & Pure Protection - payment protection insurance, income protection and other accident sickness and unemployment, whole of life/term assurance/critical illness, protection packaged multi products and other pure protection products.
- Decumulation & Pensions - workplace personal pensions (e.g. SIPP's, SHP's, PPP's), non-workplace personal pensions (e.g. SIPP's, SHP's, PPP's), trust based pensions (e.g. occupational and defined benefit), pensions packaged multi products, other pensions, annuities (including enhanced and impaired), drawdown and uncrystallised funds pension lump sum (UFPLS), third way products (e.g. investment linked, variable, fixed term), decumulation packaged multi products and other decumulation products.
- Investments - investment bonds, endowments, ISAs (where investment held), investment trusts, unit trusts / Open Ended Investment Companies (OEICs), structured products, exchange-traded products (ETPs), discretionary management services, non-discretionary management services, platforms, crowdfunding / peer to peer, foreign exchange (FX) / certificate of deposit (CD) / fixed deposit (FD), spreadbetting, undertakings for collective investment in transferable securities (UCITS), investment packaged multi products and other investment products/funds.
Prudential in the community
As a major financial organisation, we have an active involvement in community affairs - both to a national and local level.
Prudential has been in business for 168 years and looks after the financial interests of approximately six million customers in the UK.
Group companies' names and registration
A list of company names and registrations linked to Prudential Group.
Community and Charity Policy
We look for long term strategic involvement with community partnerships to address local issues key to the interests of the communities we serve.
Financial Services Compensation Scheme - Corporate Pensions
The FSCS is the UK's compensation fund of last resort for customers and/or Trustees.