New FSA rules force financial firms to reveal complaint numbers

January 29, 2013


The logo of the FSA
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Under new Financial Services Authority (FSA) rules, financial firms who collect an excessive amount of complaints against them are to be named and shamed reports MoneySavingExpert news.

Over a six month period companies who receive 500 or more complaints will, under the rules, have to publish the numbers of complaints twice a year so consumers can see which firms draw the most ire.

Under the rules, companies must state complaints numbers in a prominent position on their website including:

• How many complaints they have opened and closed
• The percentage closed within eight weeks
• The percentage of complaints upheld

The number of complaints will also be available on the FSA website. FSA rules differs from those of the Financial Ombudsman Service rules in that FSA numbers will include all complaints and not just those that have gone to the Ombudsman.

Sheila Nicoll, FSA conduct policy director, says: “For the first time, people will be able to see how many complaints particular firms receive and how they handle them.”

All affected firms must publish figures by 31 August 2013, with the FSA following in September.

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  • http://www.calvertonfactors.co.uk/ invoice factoring company

    I can imagine there is a mixed reaction about this new ruling from financial firms, but overall I think it will be a good thing. Will be an incentive to act ethically, and could ultimately drive up customer numbers if your firm behaves well.