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According to the complaint figures released today by the FSA over 3.5 million, which represents around a quarter of all personal current account holders within the UK, have had reason to complain to their banks about the service they provide. Less than half were resolved to the customers satisfaction. This includes complaints such as overcharging, poor customer service, failure to carry out instructions, delays, misleading advice and advertising and arrears handling. There are additionally over 1,125,000 complaints excluded from the FSA's figures due to a waiver placing complaints about unathorised overdraft charges on hold pending the outcome of the OFT v Banks test case. If these complaints were included they would represent over a third of current account holders.
This highlights the complete disregard the banks have for customer service and satisfaction, whilst rewarding themselves handsomely with unjust bonuses at the expense of the consumer. The FSA have finally recognised the issues and are ''reviewing the wider implications process with the Financial Ombudsman Service and the Office of Fair Trading in order to identify issues better before they lead to a large number of complaints and, where there is a widespread issue, ensure that consumers receive redress swiftly and effectively'' (Dan Waters,FSA). Is this closing the stable door after all your horses have retired to the sun ?
The OFT have been investigating the Personal Current account market since April 2007 and published a damning report for consultation in July 2008. The report's conclusion has been delayed, although publication appears to be imminent. The industry will be briefed on the OFT's findings in October.
You can read the FSA's complaints figures release here - FSA publishes industry-level complaints data to increase transparency
and download the July 2008 PCA report consultation here - http://www.oft.gov.uk/shared_oft/rep...ts/OFT1005.pdf (Legalbeagles response can be found Beagles response to PCA report (OFT) - Legal Beagles - Many of our recommendations we hope will be implemented leading to huge reductions to the number of complaints leading to fairer treatment of the customer)
This highlights the complete disregard the banks have for customer service and satisfaction, whilst rewarding themselves handsomely with unjust bonuses at the expense of the consumer. The FSA have finally recognised the issues and are ''reviewing the wider implications process with the Financial Ombudsman Service and the Office of Fair Trading in order to identify issues better before they lead to a large number of complaints and, where there is a widespread issue, ensure that consumers receive redress swiftly and effectively'' (Dan Waters,FSA). Is this closing the stable door after all your horses have retired to the sun ?
The OFT have been investigating the Personal Current account market since April 2007 and published a damning report for consultation in July 2008. The report's conclusion has been delayed, although publication appears to be imminent. The industry will be briefed on the OFT's findings in October.
You can read the FSA's complaints figures release here - FSA publishes industry-level complaints data to increase transparency
and download the July 2008 PCA report consultation here - http://www.oft.gov.uk/shared_oft/rep...ts/OFT1005.pdf (Legalbeagles response can be found Beagles response to PCA report (OFT) - Legal Beagles - Many of our recommendations we hope will be implemented leading to huge reductions to the number of complaints leading to fairer treatment of the customer)
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