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Complaint data must be revealed

The FSA is to force firms to publish their own complaint data every six months where 500 or more complaints have been received during the period.

It estimates that 200 firms will need to publish figures, which will account for 95 per cent of all complaints. The FSA says this will enable consumers to see how firms handle complaints, including the number received and how quickly they are resolved.

The information will be broken down into five product areas, including banking, home finance, general insurance and pure protection, life and pen- sions and investments.

The plans will cost the industry an initial 600,000, plus 300,000 in annual costs.

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