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Record complaints about UK banks

The financial ombudsman has today issued a report which casts a very large shadow across the UK banking sector with record complaints recorded over the last 12 months. Without doubt, the UK banking sector is by far and away the more guilty of financial companies in the UK with regards to perceived mistreatment of customers.

The report reveals that almost 60% of complaints about current accounts, mortgages, savings accounts, loans, credit cards, insurance and investment were upheld in favour of the customer. This is a doubling of the figure from the previous year where only 30% of complaints were upheld in favour of the customer. It is also worth remembering that not all customers will pursue their complaints through the ombudsman if they receive a negative response from their bank. As a consequence, while the likes of Lloyds bank have received in excess of 13,000 complaints this year the figure for each and every bank in the UK could be significantly higher than those shown.

Perhaps there has been a sea change amongst UK consumers with the ongoing overdraft charge saga highlighting the fact that complaining to the ombudsman is something which needs serious consideration. However, the underlying problem is the fact that the UK banking sector appears unwilling to rule in favour of the vast majority of complaints, even though the ombudsman has later found in favour of the customer. Will we ever find out the real number of complaints received?

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