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Name and shame?

Today we’ve heard that the FSA is to consult on whether firms should be forced to publish their complaints data – but will this lead to greater transparency or a distorted representation of a firm’s track record?

The move, included in today’s Treasury white paper, will go further than current Financial Ombudsman Service plans to publish specific data on firms with high levels of complaints, which begins in the Autumn.

From September, the FOS will publish complaint data every six months for every firm that has at least 30 new and closed cases during the period.

But today’s paper says: “The FSA will shortly be consulting on a proposal to require firms to publish their own complaints data.”

Will the publication of complaints data misrepresent firms who have had unwarranted complaints about investment performance, or will it provide a good sounding board for consumers to compare firms and advisers?

Let me know your views by clicking on the comment link below.

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Name and shame?
    We’re living in a mad mad world!!!!

  2. Douglas Carroll 8th July 2009 at 5:50 pm

    Understanding and Getting It Right
    If only these bodies had a proper understanding of exactly what it is they are supposed to be regulating.

    They remind me of less than adequate dog owners who haven’t a clue as to how to control their dogs, so everbody ends up unhappy and disatisfied, including the dogs.

  3. Name & Shame
    The FSA is good at creating a smokescreen to hide that they’re not actually doing a very good job or, more correctly, an awful job.

    If the Ombudsman publishes the worst offenders, the banks will be at the top of the list, with travel agents next and IFAs and Insurance Brokers will be at the bottom. Good news for us!

    The Ombudsman’s list will be available to all, so why make regulated firms duplicate the job? There’s already too much of that in financial services. It eats into resources which could and should be better applied.

    Let’s just hope David Cameron wins the next election and keeps his promise to rid us of them!

  4. Name & Shame
    I presume that the FSA will publish the names of their employess when they screw up. I am so sorry, they never have screwed up of course, have they??!!

  5. shakin stevens 8th July 2009 at 9:55 pm

    Oh the shame of it all
    A great idea! anyone with more than the prescribed number of complaints could be publicly flogged. If the number of complaints was way too high they could be publicly executed by thenumerical complaints committee, or NCC as it would be known. If the complaints had been generated by claims chasers and were subsequently found to be unwarranted, the “guilty party” could simply pay a massive fine with a public apology thrown in. Simples.
    Be afraid be very afraid

  6. Name & Shame
    It is the FSA who should be ashamed. ashamed of the outfit they are. all they have manged to achieve since they became the regulator is to be tremendous empire builders. they have built a massive empire for themselves with scant regard to the fact that we are having to pay for it.
    They should be disbanded so that a proper body can be formed that has the consumers interest at heart not just the FSA’s

  7. Nothing to be ashamed about?
    In principle, most firms should have nothing to worry about. It will be a good thing in the long run for IFA firms who have few complaints compared to the rest of the industry. My big fear is that there will be a small minority of firms who will water down their already pitiful complaints procedures, to prevent customers from complaining or will simply not record complaints so they don’t have to publish the results.

  8. Complaints Data
    Unless I am mistaken, a website is a marketing tool. We already have to put more risk warnings than on cigarettes or fireworks, so what purpose will publishing complaints have? Websites are going to be 10% marketing and 90% full of reasons not to buy our products

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