FSA to dish out fines to UK banks
The FSA (Financial Services Authority) has today confirmed that two UK banks are in line for significant fines for the mishandling of customer complaints. It was also confirmed that problems have been discovered at five banking groups in the UK, two of which have been referred for further investigation, and five others are currently amending their complaints procedures.
Consumers have been concerned for many years that their complaints were not been handled correctly with allegations of delaying tactics commonplace. It is also believed that there were a number of incentives offered to some banking staff if they were able to avoid compensation payments, even where the bank had been at fault. There was also severe criticism of senior management and a suggestion that directors higher up the employment tree had failed to engage and control complaints procedures and complaints departments.
Even though the FSA has not as yet named the banks in question there is much speculation regarding their identity with the likes of Lloyds bank, Barclays, Royal Bank of Scotland, Abbey and HSBC known to have received large numbers of complaints over the last year. The massive clampdown on the UK banking sector by the FSA appears to be getting stronger as the days go by!
Share this..
Related stories
Lloyds bank to scrap Halifax brand in Scotland
Lloyds bank, currently undertaking a significant reorganisation of the business, has announced plans to scrap the Halifax brand in Scotland and instead focus upon the Bank of Scotland brand. This comes as no great surprise when you bear in mind the reputation and standing which the Bank of Scotland had in Scotland prior to the merger with HBOS. So is this a move which now allows Bank of Scotland...
Read MoreIrish government pushed into a corner over deposit guarantees
While just yesterday the headlines were suggesting that the Irish government had been one of the bravest in Europe with a massive rescue package which saw all deposits in Irish banks guaranteed by the authorities, a different story is being told today. Was it more a case of being pushed than jumping?
News is emerging that the Irish government were concerned that as late as the week...
Are you making use of your online banking facilities?
As more and more of us look towards the Internet for our everyday needs it appears there are still many people who are reluctant to use the Internet for their financial affairs. While we periodically hear about various scandals and frauds on the Internet, it is easy to forget that these types of criminal activity have been commonplace off-line for many many years. However, it appears that the Inte...
Read MoreBrits 'relying on friends and family'
New research has suggested that many Britons are relying on their friends and family to help them cover their debts.According to figures from a YouGov survey, carried out on behalf of online payments company, PayPal, 48 per cent of the UK population have lent money to their friends and family in the last 12 months.The average amount that people in the UK have lent to friends and family in the last...
Read MoreHas the UK government just wasted £3 billion on Iceland rescue?
While the UK government took a major risk loaning £3 billion to Iceland after the debacle of the last few weeks it looks as though that money may be at risk with news that the country is still well short of the total funds needed to get the economy back on its feet. This was announced just after they country had agreed a rescue loan of £1.3 billion from the International Monetary Fund (IMF), so...
Read More