The FSA has published proposals to improve transparency over how firms handle complaints.
This would include the number received, the main products and services covered and how quickly they are resolved.
The proposals would see firms publishing their own complaints data every six months and the FSA would publish results from the whole sector twice a year.
Dan Waters, the FSA’s director of retail policy and conduct risk, said: “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. We also consider that publishing this information will incentivise firms to deal more effectively with complaints and help to raise industry standards in this important area. It is essential that the information is meaningful and genuinely brings benefits by enhancing customers’ experiences of the firms they deal with.&rdquo
