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FSA confirms complaint data must be published

The FSA has today confirmed that it will require firms that receive 500 or more complaints in a six month period to publish information on their complaints handling process.

Twice a year firms will have to publish how many complaints they have opened and closed, the percentage closed within eight weeks and the percentage of complaints upheld.

Firms will need to present this information by five product areas including banking, home finance, general insurance and pure protection, life and pensions, and investments. 

The FSA will then use this information to publish a consolidated list of complaints data covering all affected firms twice a year.

All affected firms will have published their first figures by August 31, 2010.  

The FSA will then publish its first set of consolidated data in September 2010.

FSA director of conduct policy Sheila Nicoll says: “We are committed to greater transparency where this will help consumers. 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.”

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