The Financial Services Authority (FSA) have outlined plans for UK financial institutions and insurance companies to provide consumers with details of customer complaints.
The FSA propose that the public would be given access to data regarding the number of complaints received, the main products or services generating the complaints and the outcome of those complaints.
Companies generating the most complaints will be required to publish a detailed account of complaints they have opened and closed, what percentage have been closed within two months and what percentage have been upheld.
Companies will be required to update details every six months which will then be published by the FSA. The information will be broken down into five areas of finance, banking, home finance, general insurance, life and pensions and investments.
The FSA are making the proposals in an attempt to help ‘raise industry standards in this important area’. FSA director of retail policy and conduct risk, Dan Waters says:
“Transparency is an important regulatory tool. Publishing complaints data will mean that people can learn more about how firms handle complaints and the frequency with which they arise.”
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