The FSA has published Policy Statement 10/1: Publication of Complaints Data including Feedback to CP09/21 (PS10/1).
PS10/1 follows Discussion Paper 08/3: Transparency as a Regulatory Tool (DP08/3) and the subsequent Consultation Paper (Consultation Paper 09/21: Transparency as a Regulatory Tool and Publication of Complaints Data).
In PS10/1 the FSA reports that it has amended its proposals to take into account comments made during the consultation. The FSA intends to proceed with its requirement that firms reporting 500 or more complaints in any six month period must publish details of those complaints but with two amendments:
- Contextualisation - the FSA has amended the metrics proposed in the consultation and have made them advisory rather than mandatory. This will allow firms to use alternative metrics if they think the recommended ones do not accurately reflect the scale of their relevant business.
- The timetable for implementation - the FSA has moved to a common date by which all firms covered by the new rules must publish their complaints data summaries. The relevant dates will be 31 August and 28 February.
The FSA has also amended the requirements relating to the Society of Lloyd's to reflect the fact that the complaints return for Lloyd's covers all managing agents dealing with personal lines business, who are not required to submit individual returns to the FSA.
View Policy Statement 10/1: Publication of Complaints Data including Feedback to CP09/21, 29 January 2010