Publication of Financial Ombudsman complaints data will improve standards for all

15 September 2009

For the first time today, consumers will be able to see which financial services firms do well in dealing with complaints and which do not. The Consumer Panel welcomes publication of complaints data by the Financial Ombudsman as a vital step in making financial regulation more transparent. People will be able to make more informed choices and see where there may be problem areas developing, as they will be able to see complaints by different firm and by category (such as mortgages and home finance; investments; and general insurance).

Adam Phillips Chairman of the Financial Services Consumer Panel said:

“At last consumers will be able to see for themselves how well financial services look after their customers. Publication of this data should also encourage the industry to improve, as customers will be able to see which firms treat their customers better. ”

Notes to editors

1. The FSA established the independent Financial Services Consumer Panel in December 1998 to advise its Board on the interests and concerns of consumers and to report on the FSA’s performance in meeting its objectives.  The Consumer Panel has statutory status.  
   

2. The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit. What we're doing for consumers explains more about the work the Panel is doing.
   

3. The Consumer Panel brings together a wide range of relevant experience. This includes financial services regulation, working with vulnerable consumers, consumer protection, consumer education, front-line money advice, legal expertise, competition policy, public policy analysis, market research and media.
   

4. There are currently ten members of the Panel as listed below (for further information on individual members, see Who is on the Panel)

   Adam Phillips (Chairman)
   Kay Blair
   Michael Chapman
   Stephen Crampton
   Caroline Gardner

   Tony Hetherington
   Nick Lord
   David Metz
   Lindsey Rogerson
   Carol Stewart