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FSA/PN/018/2010
29 January 2010

The Financial Services Authority (FSA) has today 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.

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, 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.  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.”

All affected firms will have published their first figures by 31 August 2010.  The FSA will then publish its first set of consolidated data in September 2010.

Notes for editors

1. Policy Statement PS10/1: Publication of Complaints Data, including feedback to CP09/21.
2. The FSA’s consultation paper (CP09/21) ‘Transparency as a Regulatory Tool and Publication of Complaints Data, including Feedback to DP08/3’ was published on 9 July 2009.  The FSA’s discussion paper (DP08/3) ‘Transparency as a regulatory tool’ was published on 27 May 2008.
3. The FSA’s consumer website Moneymadeclear has information for consumers on what to do if things go wrong, including a printed guide called 'Making a complaint' which can be downloaded or ordered on-line or by calling 0300 500 5000.
4. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.