The FSA has confirmed that it will require firms to publish information on how they handle complaints, to help people see how firms are performing in this important area and to drive up complaints handling standards across the industry.
Its Policy Statement (PS10/1): ‘Publication of Complaints Data, including feedback to CP09/21’, which outlines its stance, is available on the FSA website.
Firms that receive 500 or more complaints in a six month period will have to publish the following information twice a year 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: 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.
Sheila Nicoll, the FSA’s director of conduct policy, said: “We are committed to greater transparency where this will help consumers. For the first time
