FSA publishes industry-level complaints data to increase transparency
Dan Waters
Transparency is an important regulatory tool.
FSA/PN/116/2009
3 September 2009
The Financial Services Authority (FSA) has today for the first time published aggregate figures showing how many complaints regulated firms have received and how they have dealt with them.
As part of the FSA’s wider commitment to publishing more information about firms and industry sectors, this data covers:
Dan Waters, the FSA’s director of retail policy and conduct risk, said:
"Transparency is an important regulatory tool. Publishing this information will mean that consumers and firms can now see how many complaints the industry receives and how it deals with them. This is stage one of our drive to say more about how the industry handles complaints and builds on our recent proposals, currently out for consultation, about the publication of firm-specific data.
"We expect firms to treat customers fairly by dealing with complaints promptly and efficiently. We are focusing even more attention, particularly through intensive supervision, on ensuring that firms are dealing with complaints properly."
The FSA plans to publish aggregate data covering the first half of 2009 in October, and will then publish updates every six months after that.
This industry-level information complements the FSA’s proposals to publish firm-specific complaints data, set out in July, which would enable people to see how individual firms are handling complaints.
Notes for editors
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This looks promising:
''In particular, the FSA is reviewing the wider implications process with the Financial Ombudsman Service and the Office of Fair Trading in order to identify issues better before they lead to a large number of complaints and, where there is a widespread issue, ensure that consumers receive redress swiftly and effectively. The Government is also consulting on proposals in this area, including a change to the Financial Services and Markets Act to make the power for facilitating redress for a large number of consumers more effective and easier to apply in a broader range of circumstances.''
Dan Waters
Transparency is an important regulatory tool.
FSA/PN/116/2009
3 September 2009
The Financial Services Authority (FSA) has today for the first time published aggregate figures showing how many complaints regulated firms have received and how they have dealt with them.
As part of the FSA’s wider commitment to publishing more information about firms and industry sectors, this data covers:
- the volume of complaints firms have received, by product type and cause of the complaint, e.g. delays and misleading advice; and
- how firms have handled complaints, including the speed of complaints-handling and the proportion of complaints that have been upheld by firms.
Dan Waters, the FSA’s director of retail policy and conduct risk, said:
"Transparency is an important regulatory tool. Publishing this information will mean that consumers and firms can now see how many complaints the industry receives and how it deals with them. This is stage one of our drive to say more about how the industry handles complaints and builds on our recent proposals, currently out for consultation, about the publication of firm-specific data.
"We expect firms to treat customers fairly by dealing with complaints promptly and efficiently. We are focusing even more attention, particularly through intensive supervision, on ensuring that firms are dealing with complaints properly."
The FSA plans to publish aggregate data covering the first half of 2009 in October, and will then publish updates every six months after that.
This industry-level information complements the FSA’s proposals to publish firm-specific complaints data, set out in July, which would enable people to see how individual firms are handling complaints.
Notes for editors
- The aggregate complaints data for 2006-2008.
- The FSA’s consultation paper (CP09/21) ‘Transparency as a Regulatory Tool and Publication of Complaints Data, including Feedback to DP08/3’, which included proposals on the publication of firm-specific complaints data, was published on 9 July 2009.
- The Financial Ombudsman Service (FOS) has also been working on its own transparency proposals and will publish firm-specific data about the complaints it handles in September.
- 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.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.
------------------------------- merged -------------------------------
This looks promising:
''In particular, the FSA is reviewing the wider implications process with the Financial Ombudsman Service and the Office of Fair Trading in order to identify issues better before they lead to a large number of complaints and, where there is a widespread issue, ensure that consumers receive redress swiftly and effectively. The Government is also consulting on proposals in this area, including a change to the Financial Services and Markets Act to make the power for facilitating redress for a large number of consumers more effective and easier to apply in a broader range of circumstances.''
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