MSE News: FSA to name and shame complaint-heavy firms

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  • davidgmmafandavidgmmafan Forumite
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    "Not unreasonable given the number of templates used in most complaints."

    For the avoidance of doubt I was referring not to complaints about charges but about complaints in general. In my experience you have to go to a higher level to get it in front of someone who can respond to the points you have made or take action.

    Take Halifax as an example. They have changed thier T & C's, as they ARE permitted to do by the contract. Many customers have wrote back to Halifax saying they do not agree to the new T & C's. Halifax's response has been tough. I have even heard of them telling customer no further correspondance will be entered into. They haven't even tried to address the complaint!

    And yes I know Tesco are hated in many areas including my town, where they have been trying for years to get a store opened. But I'd say the fact they take £1 in every £6 spent in the UK suggests that, on the whole, they have satisfied customers.
    NPower and British Gas are hughe companies, but they have terrible reputations. I know power suppleirs generally are hated, but these two have a particularly bad reputation so I'd say its fair to assume they are doing something different to ther others to make them worse.

    Funny how in one thread I've just been arguing that banks are a special case because they are dealing with people's money, and here we seem to be arguing they are a special case because of thier size. Why should the financial services industry be able to hide from this kind of data? Nobody objects to Hotels and the like having ratings and reviews, so what's special about banks???

    BTW te Building Societies I thought it was the case that there had been several surveys showing building societies have less complaints and more happier customers.

    I'm not sure how useful it is to compare Nationwide because it is a bank in all but name. I recall a staff training session in which we were told to continue as a mutual we need to become more like a bank.
    Mixed Martial Arts is the greatest sport known to mankind and anyone who says it is 'a bar room brawl' has never trained in it and has no idea what they are talking about.
  • dunstonhdunstonh Forumite
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    Why should the financial services industry be able to hide from this kind of data? Nobody objects to Hotels and the like having ratings and reviews, so what's special about banks???

    Its not about hiding it. Its about the data being presented in a useful format that can be placed in context.

    The way the FSA are doing it looks like they are just trying to justify their own existence.
    BTW te Building Societies I thought it was the case that there had been several surveys showing building societies have less complaints and more happier customers.

    IFAs have the lowest complaint stats but that doesnt stop the FSA hammering us when they can. For example, IFAs pay more in FSA levies than banks do. That is quite stupid when you think about the level of complaints, consumer satisfaction, chances of an IFA bringing down the economy compared to a bank etc.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • rb10rb10 Forumite
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    BTW te Building Societies I thought it was the case that there had been several surveys showing building societies have less complaints and more happier customers.

    Plenty of surveys show that Building Societies have less complaints. But then, you'd expect that, wouldn't you?

    Smaller organisation (e.g. the vast majority of building societies) = fewer customers = less complaints.

    Larger organisation (e.g. the vast majority of banks) = more customers = more complaints.
  • *MF**MF* Forumite
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    Again without negating earlier comments ...

    Perhaps we have to see "context" within context. What? Well, this may explain what I mean.

    Extracts:

    1) The FSA recommends that firms should publish additional
    information alongside their complaints data summaries in order to
    relate the number of complaints to the scale of the firm’s relevant
    business. Firms are recommended to publish the relevant standard
    metrics set out in the table at DISP 1 Annex 1AG with the
    summaries. Where the complaints data summary relates to a joint
    report the metrics should cover all the firms included in the joint
    report.

    (2) If the recommended metrics do not accurately reflect the scale of the
    firm’s relevant business, the FSA recommends that the firm should
    publish metrics which best reflect the scale of its business based on
    the number of its customers or accounts or policies. Firms may also
    publish other metrics where they consider that these would better
    reflect the scale of their business.

    (3) Firms may also publish other information to aid understanding, for
    example details of their internal processes for dealing with complaints.
    ***************************

    The metrics suggested by the FSA relate to the 5 individual categories they are using, but as examples:

    For Banking ....

    ... it is the number of complaints per 1.000 accounts.

    For General Insurance ...

    ... it is the number of complaints per £1m annual income

    So (again without negating earlier comments) if you found that Bank A consistently had a much higher level of complaints per 1.000 accounts than any other Bank - would it tell you something, something that would influence you in your choice of Bank?

    Extracts from here:

    http://www.fsa.gov.uk/pubs/policy/ps10_01.pdf
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  • davidgmmafandavidgmmafan Forumite
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    rb10 wrote: »
    Plenty of surveys show that Building Societies have less complaints. But then, you'd expect that, wouldn't you?

    Smaller organisation (e.g. the vast majority of building societies) = fewer customers = less complaints.

    Larger organisation (e.g. the vast majority of banks) = more customers = more complaints.

    *ROLLS EYES* I meant proportionally.

    I totally take the point about the FSA wanting to justify its existence, but some of the posts here suggest they are against the initiaitve anyway. This I don't understand. It would be nice to know when companies say our own internal measures show we're doing a fab job whether that's actually the case.
    Mixed Martial Arts is the greatest sport known to mankind and anyone who says it is 'a bar room brawl' has never trained in it and has no idea what they are talking about.
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