Banks to be 'named and shamed' on complaints
Banks and other financial services providers are to be 'named and shamed' on the way they handle complaints.
The Financial Services Authority (FSA) proposes publishing details of how firms handle complaints - including the number received, the main products and services covered and how quickly they are resolved.
As part of the government's attempt to improve confidence in financial services, firms would have to publish their own results every six months and the FSA would publish results from the entire sector twice a year.
Dan Waters, the FSA's director of retail policy and conduct risk, said: "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 incentivise firms to deal more effectively with complaints and help to raise industry standards in this important area."
Consumers will be able to compare complaint rates for different firms, with the results broken down into banking, home finance, general insurance and pure protection, life and pensions, and investments.
The FSA also said it will publish real-life case studies demonstrating where it has taken action against firms for producing poor financial promotions.
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