subject: Bank Complaints Increased In The Last Six Months [print this page] Banks in the United Kingdom aren't being able to cater to the needs of the customers. The Financial Services Authority (FSA) has revealed that the number of bank complaints received in the first six months of the year increased. Most of these complaints are against the hidden costs that the banks are levying on the customers.
It received a total of 84,212 new complaints about five major banks in the UK, which was an increase of 2,076 compared to the previous six months. The FSA also sided with the consumer in 44 per cent of the cases compared to 53 per cent in the whole of 2009. Most of the complaints that have been filed during this period against the banks are genuine.
The state-owned Lloyds Banking Group has come out worst in a FSA report of customer complaints, as the banking regulator looks to force banks to take a more serious approach towards customer service. Lloyds, Barclays and Santander received the most complaints, which could be related to the firms' day-to-day banking activities and general insurance, which may include payment protection insurance.
Peter Vicary-Smith, chief executive of Which?, said: "Yet again, the big high street banks are failing to put customers first. "The banking industry urgently needs to overhaul the way it treats its customers if it's going to rebuild its shattered reputation." Complaints made by consumers are usually investigated internally by the bank and if no resolution is found, the case is taken to the Financial Ombudsman Service.
The British Banking Association responded to these figures and stated that the UK banking industry is committed to customers. Furthermore, the larger the bank the more likely they are to receive complaints. It is interesting to note that the number of complaints have considerably gone up after many bank mergers which hasn't gone well with the consumers.
Bank Complaints Increased In The Last Six Months
By: Charles Baker
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