Banks set for league tables

The City watchdog is intending to create league tables ranking the best and the worst of the UK’s financial services providers.

Proposals unveiled yesterday by the Financial Services Authority (FSA) will see complaints statistics on banks and insurance providers published for public viewing.

Five key areas will be covered in the tables, namely banking, general insurance, investments, life and pensions, and mortgages.

If the plan goes ahead, institutions will be required to publish the complaints data in July 2010, with league tables collated by September.

’Publishing complaints data will mean that people can learn more about how firms handle complaints and the frequency with which they arise,’ said Dan Waters, the FSA’s director of retail policy and conduct risk.

’We also consider that publishing this information will incentivise firms to deal more effectively with complaints and help to raise industry standards in this important area.’

The figures will be adjusted to reflect the size of the firms involved, with rankings based on the number of complaints per 1,000 customer accounts held.
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