Daily Insurance Industry News
Daily Insurance Industry News
Saturday 24th of March 2018
January 30, 2010

FSA requires publication of complaints handling data

by Gill Montia

Story link: FSA requires publication of complaints handling data

The Financial Services Authority (FSA) has confirmed that it will require insurance companies and other financial institutions to publish information on how they handle complaints, by 31st August 2010.

The move is aimed at keeping consumers informed on how firms are performing in this area and driving up standards across the industry.

Companies that receive 500 or more complaints in a six month period must now 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.

The information needs to be presented across five product areas: banking, home finance, general insurance and pure protection, life and pensions, and investments.

The FSA will then publish consolidated data twice a year, starting from September 2010.

The regulator’s director of conduct policy, Sheila Nicoll, says: “For the first time, people will be able to see how many complaints particular firms receive and how they handle them.”

She adds: “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.”


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