Firms must publish complaints data in August

Firms must publish their first raft of complaints figures by 31 August, the FSA announced today.

Under new rules, firms which receive 500 or more complaints over a six-month period must publish information on how they handle complaints.

Twice a year they must make public the number of complaints they have opened and closed, the percentage closed within eight weeks and the percentage upheld.

They must also break down the complaints into five product areas: banking, home finance, general insurance and pure protection, life and pensions, and investments.

The FSA will then use this information to publish a consolidated list of complaints data covering all affected firms twice a year.

The body says the scheme is designed to help people see how firms are performing and to drive up complaints handling standards across the industry.

Sheila Nicoll, the FSA's director of conduct policy, says: "We are committed to greater transparency where this will help consumers. For the first time, people will be able to see how many complaints particular firms receive and how they handle them.

"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.

"Our more intensive approach to supervision places a greater focus on assessing how firms deal with their customers - and how firms handle complaints is a key part of this."

The FSA will publish its first set of consolidated data in September.