Barely half of insurance companies have nominated an executive to deal with complaints, a fortnight before the FSA makes such a post mandatory, according to a new survey.
New FSA regulations require regulated firms to nominate an executive to be responsible for complaints by the beginning of September.
But a survey, carried out by enterprise complaint and feedback management software provider Charter UK, shows that 51% of insurance companies have nominated an individual to this role.
The same survey shows that half of the UK’s largest financial services firms had made such an appointment.
Of 54 large financial services companies in the UK interviewed by Charter UK, just 27 had appointed a nominated executive with responsibility for complaints, 17 had not yet made a nomination, while a further 10 didn’t know if they had or not.
But insurance companies were more likely to have a nominated executive with responsibility for complaints than banks (41%).
Charter UK chief executive Paul Clark said: “This is a concern for the industry. There are just over two weeks to go before firms must show that they have nominated an executive with overall responsibility for complaints. Those companies that have yet to identify the individual within their team, or that are unsure if a nomination has been made, need to get moving as soon as possible.
“What’s really worrying is that the companies we’ve spoken to thus far are top 50 UK financial services providers – it’s hard to escape the impression that the figures will look much worse among the smaller players!”
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