While welcoming yesterday's publication of complaints data by the FSA, the FSCP argued consumers would benefit from more detailed information, set in context, which would allow them to compare firm performance and make more informed choices.
Better information would also, it believes, be an important catalyst, driving improved firm behaviour.
The Panel is advocating that the reforms to financial services regulation need to include new powers for the Financial Conduct Authority to publish performance information on firms. This would create a powerful tool to deliver a better service to consumers and encourage more effective competition.
Adam Phillips, chair of the Consumer Panel commented: "Consumers have a right to know about poor firm performance, such as the nature of complaints and a firm's record in handling complaints.
“The FSA's successor bodies should therefore be able to publish information about firms, so that consumers can choose providers which will treat them fairly.
“The Consumer Panel wants to see the current restrictions in the Financial Services and Markets Act on publishing information collected during the FSA's regulatory work scrapped. We also want the regulator to have the power to publish warning notices issued to firms who are accused of breaking the rules, without having to ask the firms' permission.
“It is not surprising that consumers' satisfaction with the financial services industry is so low when the industry uses the risk of a loss of confidence in firms to withhold information that would be regarded as essential in other sectors. The balance of power needs to change."
