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July 9, 2009

FSA proposes transparency on complaints handling

by Gill Montia

Story link: FSA proposes transparency on complaints handling

The Financial Services Authority (FSA) wants consumers to have access to the facts about the ways in which firms handle customer complaints.

The regulator is proposing that financial institutions make public the number of complaints they receive, the main products and services generating the complaints, and details of how matters are resolved.

Firms would be required to release the data every six months and the FSA would follow this up by publishing results from the whole sector, again twice yearly.

The Authority’s director of retail policy and conduct risk, Dan Waters, says: “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.”

He adds: “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.”

Stakeholders’ comments on the proposals should be with the regulator by 30th October.

 

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