When did you last complain about your bank?
Even though the UK financial sector touches all areas of our lives, it seems that very few people in the UK have actually followed through with their complaints regarding financial investment, financial services and the financial sector as a whole. Recent figures from the Financial Services Authority (FSA) show that while having record complaints passed to the regulator, more and more people are happy with the answers provided by their bank when the initial complaint is reviewed.
However, the revelation that 60% of all complaints passed to the FSA are upheld in favour of the customer is a little worrying. Let's not forget, these are the complaints which have been reviewed by the banks themselves and rejected at which point customers can either let their complaint go or they can approach the FSA for an independent ruling.
The vast increase in the number of complaints which have been upheld by the FSA would appear to show that possibly some UK banks are not being as objective as they could be. New regulations coming in next year will force banking institutions to reveal the number of complaints they have received, those which have been accepted and those which have been rejected. We should certainly be in for some interesting reports!
Share this..
Related stories
Productivity gap leaves Bank of England “Puzzled”
16/06/2014 The Bank of England has admitted it cannot explain why productivity is 16% less than before the 2007/08 financial crisis. They said in their latest quarterly bulletin that despite “modest” improvements in 2013, productivity in the UK has been exceptionally weak. It said that one possible reason for the shortfall could be that some companies retained workers throughout the r...
Read MoreRBS told to reduce bonus pot by £500 million
Royal Bank of Scotland directors have been told they need to reduce the estimated £1.5 billion bonus pot for 2009 by £500 million. This would appear to be the behind-the-scenes deal which the Treasury has agreed with Royal Bank of Scotland directors as a way for both parties to keep face and to maintain the Royal Bank of Scotland board of directors as it is. So what next? The very fact that b...
Read MoreBankruptcy tourists settle in Kent
It has been revealed that the Kent towns of Tunbridge Wells and Greenhithe have been literally invaded by bankruptcy tourist from Germany. A German insolvency expert has set up a branch in Kent and is charging thousands of pounds to relocate German citizens, who are in financial difficulty, in the UK. As we covered in one of our recent posts there has been a significant increase in foreign bankrup...
Read MoreHave we seen the end of large profits for the UK banking sector?
A report commissioned by the UK government has today been released with a suggestion that major UK banking situations should ready themselves for significantly smaller profits in the future. The report was commissioned by Gordon Brown in October 2008 when the banking sector began to show significant signs of strain and eventually collapse. So what exactly does this mean for the UK banking sector a...
Read More