Regulator overrules objections from insurers
The FSA is pushing ahead with plans to “name and shame” insurers by publishing complaint numbers.
The regulator overruled objections from insurers, banks and other financial service organisations.
Insurers will publish their own half-yearly complaints totals from July next year. The FSA will publish industry-wide figures from September next year. Companies with the most complaints will have to disclose how many they have received and dealt with and the percentage resolved within eight weeks.
An ABI spokesman said: “Publishing complaints is all well and good provided it is meaningful and put into some kind of context. But we don’t believe this is the case here.” He said any figures should be represented as relative to the size of a company and the type of complaint. “It is important this information helps consumers and does not mislead them in any way.”
Dan Waters, FSA director of retail policy, said the new transparency would give companies more incentives to deal with complaints and help raise standards.