Which? magazine points to disappointing services in the UK

Which? magazine has this week placed the UK banking arena at the centre of an argument regarding the level of services available in the UK. A number of prominent banks in the UK have been mentioned with regards to "substandard services" with an array of uncomplimentary comments from current and past customers. So what is the problem with the UK banking sector?

There is no doubt that ongoing cost-cutting in the UK banking arena has reduced the number of face-to-face meetings available for customers. As financial services and financial products continued to get ever more complicated more and more people feel the need to take face-to-face advice which is very often not available. Many customers have also been complaining about increased fees on financial products such as mortgages and loans which do not compare favourably to those charged prior to the recession.

Whether or not a number of past and current customers have been caught up in the "witchhunt" against the UK banking sector is open to debate but there's no doubt that the trust factor between the UK banking arena and UK banking customers is now stretched to the limit. Whether the introduction of a number of new players to the UK market will change the situation in the medium to longer term remains to be seen.