Website of the UK government

Improving handling of complaints

The FSA is proposing that financial firms receiving the largest number of complaints publish information on:

• how many complaints they have opened and closed
  
• the percentage dealth with within eight weeks
  
• the percentage of complaints upheld

This information will be broken down into five product areas:

• banking
  
• home finance
  
• general insurance and pure protection
  
• life and pensions
• investments

To make it easier for people to understand the data and compare the standard of different firms’ complaints handling, firms will also need to provide information to put data into context, such as the number of complaints per 1,000 customer accounts.

Dan Waters, the FSA’s director of retail policy and conduct risk, said: "Publishing complaints data will mean that people can learn more about how firms handle complaints and the frequency with which they arise.

"It is essential that the information is meaningful and genuinely brings benefits by enhancing customers’ experiences of the firms they deal with."

Further information

• Know your financial rights

• How to complain about a financial product or advice

• How to shop around for financial products

• Independent complaints schemes and financial ombudsmen