The number of complaints about pensions dropped by 76 per cent between the first half of 2006 and the second half of 2008, according to the Financial Services Authority (FSA).

Complaints in the first half of 2006 to the regulating body stood at 480,838, but by 'Half 2' in 2008, these had dropped to 114,334. Data from the FSA covers all types of complaints received by firms, such as arrears handling, delays and dispute over sums/amounts, and looks at how firms have handled these complaints.

Over a broader range, the overall number of financial services complaints increased between 2006 and 2008 by 5.7 per cent, and the speed at which complaints were dealt with remained unchanged. By the end of 2008, ten per cent of complaints took longer than eight weeks to resolve, and 40 per cent were decided in the customer's favour.

"Transparency is an important regulatory tool," commented Dan Waters, FSA director of retail policy and conduct risk. "Publishing this information will mean that consumers and firms can now see how many complaints the industry receives and how it deals with them. This is stage one of our drive to say more about how the industry handles complaints and builds on our recent proposal, currently out for consultation, about the publication of firm-specific data."

Waters said the FSA expects firms to treat customers fairly through prompt and efficient dealing with complaints. "We are focusing even more attention, particularly through intensive supervision, on ensuring that firms are dealing with complaints properly."

Aggregate data covering 'Half' 1 2009 is expected in October, and the FSA will then publish updates every six months after that. The publications form part of the FSA's commitment to publishing more information about firms and industry sectors.

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