FSA has published for the first time data on complaints it receives. Its report covers:
- volumes of complaints according to product, firm and cause of complaint; and
- how firms handle timing in responding to complaints and how many complaints are upheld.
More than half the complaints in the period covered by the report related to banking and loans, but the figure is falling. Also, mortgage endowment complaints are decreasing. Firms need more than eight weeks to resolve around 10% of complaints and uphold around 40%.