Britain’s Financial Services Authority will require financial services firms to publish data on their complaints every six months as a way to improve industry transparency and encourage better complaint handling.
The FSA is proposing new rules designed to allow consumers to see how firms are handling complaints. The proposals would require the firms that receive the largest number of complaints to publish certain complaint data every six months, including the number of complaints received, the main products and services that are subject to complaints, and how quickly they are resolved. The FSA would then publish results from the whole sector twice a year.
“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 give firms the incentive to deal more effectively with complaints and help to raise industry standards in this important area,” said Dan Waters, director retail policy and conduct risk at the FSA.
In Canada, regulators have proposed rules that would impose tougher deadlines on firms’ complaint-handling procedures, but the securities commissions haven’t approved them yet.
The FSA is seeking comment on its proposals by Oct. 30.
FSA to require firms to publish complaints data
The British regulator’s new rules are designed to allow consumers to see how firms are handling their complaints
- By: James Langton
- July 9, 2009 July 9, 2009
- 15:18