Under new Financial Services Authority (FSA) rules, financial firms who collect an excessive amount of complaints against them are to be named and shamed reports MoneySavingExpert news.

Over a six month period companies who receive 500 or more complaints will, under the rules, have to publish the numbers of complaints twice a year so consumers can see which firms draw the most ire.

Under the rules, companies must state complaints numbers in a prominent position on their website including:

• How many complaints they have opened and closed
• The percentage closed within eight weeks
• The percentage of complaints upheld

The number of complaints will also be available on the FSA website. FSA rules differs from those of the Financial Ombudsman Service rules in that FSA numbers will include all complaints and not just those that have gone to the Ombudsman.

Sheila Nicoll, FSA conduct policy director, says: “For the first time, people will be able to see how many complaints particular firms receive and how they handle them.”

All affected firms must publish figures by 31 August 2010, with the FSA following in September.

No related posts.

This announcement comes after 350 years of cheque usage, however because of the use of credit, debit and contactless payment cards, alongside online shopping and banking, it seems that in recent years the cheque has fallen into a ‘terminal decline’.

The council stated that as long as the needs of the vulnerable and elderly are met, then, “The goal is to ensure that by 2018 there is no scenario where customers, individuals or businesses, still need to use a cheque.”

With an execution date decided for the cheque, and a rise in the use other forms of payment, it looks as though cash may be next to face the block. While the advent of a cashless society has been widely heralded for around 40 years it has not seemed possible until recently.  However through the successful widespread use of mobile phone sims for small contactless purchases in countries like South Korea, it may just be that cash may also finally be coming to an end.

Related personalfinanosaurus posts:

1. Nokia to enter world of finance with Nokia Money
2. Praying for the death of credit card cheques
3. Don’t let the bank use the postal strike as an excuse to take your money

Not something I have ever really thought about before, but I just stumbled on a post on LifeHacker about How To Clean Your Credit Card and I guess it does make some sense if you are someone who constantly has to get a replacement card because the magnetic strip keeps refusing to swipe properly everytime you are in a shop with a queue of people behind you.

For myself it is always the signature and security code which tend go first and there is little I can think of (most obviously the use of clear nail polish) which will cure that problem without the risk of constant queries over whether you have tried to tamper with the card.

If anyone does have any suggestions, please let us know otherwise I will just have to continue eating shop assistants to get over my embarrassment at having my card rejected again.

Related personalfinanosaurus posts:

1. Praying for the death of credit card cheques
2. It pays to query your credit card APR
3. Credit card interest free periods may not be all they appear

Better known for their mobile phones, Finnish telecoms giant Nokia is branching out – into the world of financial services.

In March this year, Nokia sank $70million into mobile payment specialist Obopay and Nokia will now be working alongside the company to develop services which will enable consumers to send and receive money via mobile phone as well as pay merchants for goods and services and pay bills.

The service will be called Nokia Money and is believed to be targeting emerging markets where banking services may not be readily available.

In a news item on telecoms.com, Mary McDowell, Nokia’s chief development officer is quoted as saing: “We believe mobile financial services offer a market opportunity with long term growth potential … In many countries, mobile phone ownership significantly exceeds bank account usage, suggesting that many mobile phone users have very limited or no access to basic financial services. Global demand for access to financial services presents a strong opportunity to combine mobile devices with simple but powerful financial services.”

With mobile phones outnumbering bank accounts by almost 3-to-1 worldwide, there is a potential market for the provision and use of basic financial services via telecoms, and Nokia are also looking to create a network of approved Nokia Money agents where users of the service can deposit and withdraw cash from their accounts.

Nokia are expected to debut the service at next week’s Nokia World with deployment of the service scheduled to take place in 2010.

Related personalfinanosaurus posts:

1. The World Is Not Enough
2. Hello to the scary world of finance – mission statement
3. Pay as you go car finance