Insurance companies best of a bad bunch in FSA's complaints framework
Only 51% of insurance companies have nominated an executive responsible for complaints according to research for software firm, Charter UK.
The is despite the fact that the Financial Services Authority's incoming regulation requiring regulated firms to nominate an executive to the complaints role comes into force on 1 September 2011.
According to Charter UK, of the 54 large financial services companies in the UK interviewed, just 27 had appointed a nominated executive with responsibility for complaints, 17 had not yet made a nomination, while a further 10 did not know if they had made a nomination or not.
While only 51% of insurance
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