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The FSA looks to revamp complaints procedure

While the FSA (Financial Services Authority) continues to receive record complaints with regards to the UK financial sector, we could see a significant change in the presentation of statistics in the future. The FSA has announced plans which would see companies attracting more than 500 complaints per six months being forced to issue further details about these complaints, specifically how many were received and how many were resolved.

A review of the 2008 statistics shows that this new policy would bring 200 companies into play, accounting for more than 95% of all consumer complaints. When you consider the thousands of financial companies within the UK, the fact that less than 200 companies account for more than 95% of complaints reflects a growing respect for the regulatory system.

This is the next stage in the UK government's revamp of the UK regulatory system which is designed to become more transparent and more accountable to the public. However, it is noticeable that the Bank of England has been fairly quiet of late on the regulatory front amid accusations it is being frozen out by the UK government. While there are very few people who believe the FSA has done an adequate job over the last two years, respect for the Bank of England in the financial sector remains well preserved.

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