Australia’s Financial Ombudsman Service (FOS) appears to be moving in the same direction as its British counterpart, which has just started reporting on complaints received about individual businesses.

The UK FOS online database shows the number of complaints received about financial services businesses including insurers, banks and investment firms as well as the percentage of complaints upheld by the ombudsman in favour of consumers.

A spokesman for the Australian FOS told insuranceNEWS.com the organisation will be complying with Regulatory Guide 139 that comes into effect on January 1 next year, under which it will be required to report member performances in “like categories”.

“It has not yet been determined what form this reporting will take,” she said.

The Association of British Insurers is not happy about the way the UK data is presented, saying it won’t help consumers make informed choices and may be misleading.

It says consumers should be able to compare performance by sector or by product, and the FOS data does not allow this.

General insurance topped the categories for complaints resolved in favour of UK consumers, with an average of 70% in the first six months of this year, while banking and credit was next at 61%.