Complaint data published by Financial Ombudsman Service. posted Thursday, 29 October 2009
We thought this made interesting reading. For the first time FOS has published figures relating to individual named firms. The figures cover the period from 1st January to 30th June 2009 - it received 69,841 complaints about 142 firms (out of over 100,000 firms covered by the scheme). FOS upheld 61% of banking related complaints, 41% of mortgage related complaints, 70% of general insurance and 42% of investment related complaints.
Some predict it may focus those firms minds on the reputational risk - the figures make it apparent how these firms, responsible for some 90% of FOS' workload, deal with complaints. Apparently FOS has already privately been providing figures as feedback to the firms concerned, but this has had (perhaps unsurprisingly) no real effect. FOS hopes that making the information public may provide a little further encouragement - lets hope so!
Some predict it may focus those firms minds on the reputational risk - the figures make it apparent how these firms, responsible for some 90% of FOS' workload, deal with complaints. Apparently FOS has already privately been providing figures as feedback to the firms concerned, but this has had (perhaps unsurprisingly) no real effect. FOS hopes that making the information public may provide a little further encouragement - lets hope so!