Financial institutions forced to name and shame themselves
From September next year, banks and insurers will be among those forced to publicly reveal the number of complaints they receive from their customers, as the growing culture of transparency hits the financial sector.
The data will be collected from January 2010 and the first FSA publication of complaint numbers will follow eight months later, with updates coming every subsequent six months.
The stats will cover the sectors of banking, home finance, general insurance and pure protection, life and pensions, and investments.
The news follows an announcement of a huge increase in complaints to the Financial Ombudsman service from customers who feel their complaints are being stonewalled by their banks.
Banks eh? Shit-kickers more like.