FSA confirms complaints handling plans

Published on

The FSA has confirmed that it will require firms to publish information on how they handle complaints, to help people see how firms are performing in this important area and to drive up complaints handling standards across the industry.

Its Policy Statement (PS10/1): ‘Publication of Complaints Data, including feedback to CP09/21’, which outlines its stance, is available on the FSA website.

Firms that receive 500 or more complaints in a six month period will have to publish the following information twice a year how many complaints they have opened and closed the percentage closed within eight weeks and the percentage of complaints upheld.

Firms will need to present this information by five product areas: banking, home finance, general insurance and pure protection, life and pensions, and investments. The FSA will then use this information to publish a consolidated list of complaints data covering all affected firms twice a year.

Sheila Nicoll, the FSA’s director of conduct policy, said: “We are committed to greater transparency where this will help consumers. For the first time

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

SortRefer posts record-breaking July as broker demand surges

SortRefer, the Derby-based conveyancing and legal services platform, has reported its strongest month on...

Mortgage lenders under fire as rates lag behind interest rate cuts

Mortgage holders are paying over £1,000 a year more than they should be according...

Average English homebuyer to gain £41k in borrowing power

Homebuyers across England are set to benefit from a substantial increase in purchasing power,...

Somo revives summer offer with valuation discounts and free beer for brokers

Specialist lender Somo has announced the return of its August promotion, offering 90% off...

Property and finance sectors dominate shortlist for 2025 Social Mobility Awards

Firms from the property and financial services sectors have secured a prominent place on...

Latest publication

Latest opinions

Take off the rose-tinted glasses and stop chasing a rate cut

Every six weeks the financial world raises its eyebrows at the prospect of a...

Job cuts to inflation shock: preparing for a mortgage arrears crisis

The latest data on jobs paints a picture of a rapidly weakening labour market. The...

URGENT! AI Is coming for you. Or maybe not…

I’ll try to make this as straight to the point as I can. The...

Mind the gap: Can mortgage advice change the game for protection?

Many industry insiders still talk about the UK protection gap and how vast it...

Other news

SortRefer posts record-breaking July as broker demand surges

SortRefer, the Derby-based conveyancing and legal services platform, has reported its strongest month on...

Mortgage lenders under fire as rates lag behind interest rate cuts

Mortgage holders are paying over £1,000 a year more than they should be according...

Average English homebuyer to gain £41k in borrowing power

Homebuyers across England are set to benefit from a substantial increase in purchasing power,...