Financial watchdog receives 7000 banking complaints per day

The Financial Services Authority (FSA) has today confirmed that over the last six months, on average, an unbelievable 7,143 complaints were made against UK banks each and every day. A total of 1.3 million grievances have been logged over the last six months with the likes of Barclays Bank, Royal Bank of Scotland and NatWest amongst the worst offenders with regards to the percentage of complaints upheld and surprisingly Spanish outfit Santander has received most complaints regarding customer services.

No bank in the UK has escaped scot-free from the review of complaints all the last six months with Barclays receiving just over 195,000 complaints, Lloyds bank 103,000 complaints, Nationwide Building Society just over 84,000 complaints and HSBC just over 65,000. There is no doubt that the relationship between UK consumers, UK businesses and UK banks has deteriorated dramatically since the credit crunch and the worldwide recession. The FSA has been working overtime to review and rule upon various complaints although it is the individual bank complaints system itself which has caused most concern within FSA circles.

There is no doubt that we will see complaints procedures tightened in the short to medium term as the FSA begins to improve protection for consumers and businesses across the country.