best insurance companies in uk ; 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 companies had made a nomination it was still ahead of the 41% of banks and 50% of credit card companies surveyed.
Paul Clark, chief executive at Charter UK, commented: "This is a concern for the industry. There are just over two weeks to go before firms must show that they have nominated an executive with overall responsibility for complaints.
"Those companies that have yet to identify the individual within their team, or are unsure if a nomination has been made, need to get moving as soon as possible."
Pace of change
He continued: "Our research showed that compliance and customer services are the business units from which the individual is most likely to be selected.
"Whatever the background of the individual, the key thing is to get to grips with the pace of regulatory change in the complaints landscape post-payment protection insurance, and to have a real grasp of the people, cultural, processes and systems challenges that prevent organisations from dealing with complaints effectively.
He concluded: "What's really worrying is that the companies we've spoken to thus far are top 50 UK financial services providers - it's hard to escape the impression that the figures will look much worse among the smaller players."
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