IVA News

The Financial Services Authority has said today that in future banks and other financial services providers will have to publish details about the amount and type of customer complaints. Sheila Nicoll, director of conduct policy at the FSA, said: "We are committed to greater transparency where this will help consumers. For the first time, people will be able to see how many complaints particular firms receive and how they handle them.
"We believe that this will help improve how firms treat their customers and provide incentives for firms to deal more effectively with complaints when they are received."
She said: "Our more intensive approach to supervision places a greater focus on assessing how firms deal with their customers - and how firms handle complaints is a key part of this."
Affected firms will have to publish how many complaints they have opened and closed, the percentage closed in eight weeks and those which are upheld.
The firms will have to publish the information twice a year and will have to divide the information into banking, home finance, general insurance, pure protection, life insurance, pensions and investments product areas.
The regulator will use the information to publish a list of complaints data covering all affected firms twice a year.
All affected firms will have published their first figures by 31 August 2010 and the regulator will publish the data in September 2010.