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FSA may expose complaints against worst performing companies

The FSA has announced it is considering using league tables of poor service and publishing the number of complaints banks and financial services companies receive.

The regulator says it would only publish details of the worst performing companies, but the information would include how many complaints had been made, how long they took to resolve and the level of recompense.

The proposals were revealed in a discussion paper on transparency yesterday and are part of the FSA’s move towards increasing the amount of information it discloses.

The regulator says releasing complaints data would allow consumers to better compare companies’ performance.

FSA chief executive Hector Sants says: “We believe that transparency is an important regulatory tool, and as an organisation are committed to being open and transparent.

“The discussion paper seeks to initiate debate on how we can better utilise transparency to achieve our regulatory aims, and in particular proposes a code of practice.”

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