UK banks hit by massive wave of complaints
Figures released from the Financial Services Authority (FSA) have today confirmed that banks are held in more disdain by UK consumers than ever before. It seems that more than 2 million complaints were received in the second half of 2009 with concern focused upon back dated charges which have hit many people in the UK. So what can we expect in the future?
The FSA has already introduced some massive fines into the financial arena as a consequence of inadequate complaints procedures and some very unsavoury practices which were discovered during investigations. While it has to be said that many UK banks have already changed their complaints procedures and taken up the advice of the FSA there is still a lack of trust between UK consumers and the UK banking industry.
The reduced liquidity in the mortgage and loan markets has had an impact upon consumer finances and despite the billions of pounds of taxpayer's money poured into the system it seems as though UK consumers have received very little in the way of benefit. The UK government has been looking to place pressure upon the UK banking arena but so far even legally binding targets have been missed and rescheduled for a later date.
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