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FSA to reveal level of consumer complaints

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The Financial Services Authority (FSA) has announced that companies who regularly receive complaints from consumers will be forced to publish how they handle problems, in an attempt to drive up standards across the financial sector.

Firms that receive 500 or more complaints over six months will have to publish a set list of information twice a year.

The information forces companies to show how many complaints they have opened and closed, the percentage closed within eight weeks and the percentage of complaints upheld.

Firms will have to present the information across five financial product areas, including, banking, home finance, general insurance and pure protection, pensions and investments.

The FSA will in turn publish a comprehensive list of complaints management twice a year in order to make the industry more accountable and improve consumer knowledge.

“We are committed to greater transparency where this will help consumers,” said FSA’s Director of Conduct Policy, Sheila Nicoll.

“For the first time, people will be able to see how many complaints particular firms receive and how they handle them. We believe that this will help improve how firms treat their customers and provide incentives for firms to deal more effectively with complaints when they are received.”

All affected firms will have published their first figures by 31 August 2010. The FSA will then publish its first set of consolidated data in September 2010.

Written by Andrew Hodges

February 15, 2010 at 6:53 pm

Posted in Comment, Compliance, LinkedIn

Tagged with , ,

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