Here’s a league table you wouldn’t want to be top of. The Financial Services Authority has just produced its Publication Of Complaints Data policy document which compels regulated firms to report the number of complaints they have received. The FSA will aggregate these and put them into a league table on its website.
Apparently, it will only relate to firms that have more than 500 complaints in six months which is estimated to be about 175 firms.
The start date was January 2010, with the first period ending 30 June 2010 and the first report published in September 2010.
It will cover the number of complaints the firm has received, how many complaints were closed, the percentage that were upheld and the percentage that were resolved within eight weeks.
Firms will be allowed to contextualise the data against things like the total number of customers or policies that will help the large firms.
This obviously is going to be painful for big banks that due to their size will dominate the tables, but it will inevitably lead them to focus more attention on how they handle complaints, which should in theory benefit customers.
The consultation paper revealed that firms and trade bodies were generally sceptical while consumer groups were in favour – no surprises there.
The FSA recommends that firms should publish their results on their own websites.
I am guessing there are no prizes for being at the top of this league table.