From The BBC:
Financial firms will have to publish figures about the complaints made against them, under new proposals from the Financial Services Authority (FSA).It said that the publicity would put pressure on the firms to deal with the complaints more effectively. Until now there has been no obligation on firms to reveal the number of complaints they receive, nor what they did about them. Wednesday’s White Paper on financial regulation called for improvements. In the paper the government said the financial services industry needed to reform the way it handled customers’ complaints. “Publishing complaints data will mean that people can learn more about how firms handle complaints and the frequency with which they arise,” said Dan Waters, an FSA director. “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,” he added. Big changeThe financial services industry has been the sourc…
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