FSA names and shames over 800 firms

FSA names and shames over 800 firms


In an ongoing effort to increase transparency within the financial sector, the Financial Services Authority (FSA) yesterday published aggregate complaints data as well as firm specific data for H2 2010.

All in all, over 800 firms were listed by name on the FSA website and these firms are now also required to publish the complaints data on their websites.

In order to make the list, a company has to have had 500 or more complaints from customers within a six-monthly reporting period.

The FSA says that most of these complaints were received from retail customers.

The information on the FSA’s website shows aggregate data to cover the total volume of complaints received according to product, type of firm and cause of the complaint.

The data also covers the proportion of complaints resolved and upheld and the total redress paid during this six-month period.

The FSA stated: The FSA is committed to greater transparency where it will benefit consumers. Publishing this data brings complaints to the attention of firms and consumers alike, and gives firms a benchmark and an incentive to improve how they treat their customers and handle complaints.

The aggregate and firm-specific data can be found here on the FSA website.

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