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New complaints procedure proposed

New complaints procedure proposed

Category: Economy

Updated: 10/07/2009
First Published: 10/07/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Financial Services Authority (FSA) has published proposals that will enable consumers to see how firms handle complaints.

These will include the number of objections received, the main products and services covered and the proportion of complaints resolved within eight weeks.

The percentage of complaints upheld will also be detailed.

Firms will publish data detailing complaints they have received every six months, while the FSA will correlate results for the sector twice a year.

"Transparency is an important regulatory tool," said Dan Waters, director of retail policy and conduct risk at the FSA.

"Publishing complaints data will mean that people can learn more about how firms handle complaints and the frequency with which they arise."

Information will be broken down into the following five financial areas: banking; home finance; general insurance and pure protection; life and pensions; and investments.

Information will be broken down into easily understandable data, such as the number of complaints per 1,000 customer accounts, to ensure the figures are easily understood by consumers.

"It is essential that the information is meaningful and genuinely brings benefits by enhancing customers' experiences of the firms they deal with," Mr. Waters added.

The proposals are part of a number of initiatives and steps the FSA is taking to improve transparency in the financial services industry.

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