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?
Share this..
Related stories
Greek economy tips back into recession
In a nightmare scenario for the Greek authorities it has been revealed that the economy contracted by 0.8% in the final quarter of 2009 and economic performance for the prior three quarters has been revised downwards. This is a bitter blow for the Greek government which is currently in negotiations with the European Union and the International Monetary Fund regarding assistance and financial suppo...
Read MoreWas George Osborne rushed into announcing child benefit cuts?
A number of prominent members of the Conservative party have today stepped forward to suggest that George Osborne, the Chancellor of the Exchequer, may well have been rushed into announcing changes in child benefit payments. It is believed that excessive media and press comment regarding the issue forced George Osborne to bring forward the announcement and indeed a number of Cabinet ministers woul...
Read MoreCan the Scottish economy survive?
Despite the constant battles and constant rows between the Scottish parliament and the UK government there has been a call for calm and communication as the Scottish economy enters its darkest period for many years. A recent survey has shown the economy has turned down sharply over the last few months and has never been as depressed as it is today for over 25 years. The Scottish National party, wh...
Read MoreIcelandic government now in control of Landsbanki
News that the Icelandic government has seized control of the country's second largest banking operation, Landsbanki, does not bode well for the immediate future of the Icelandic financial sector. While normally this would not have registered in the UK press it seems as though many thousands of UK customers have become embroiled in the saga.
Landsbanki has an internet business, whic...
DSG International reports record Christmas sales
DSG International (the owner of the Dixons, Currys and PC World product brands) has today revealed record Christmas trade with like-for-like sales up 8% on the same period last year. After a couple of disappointing retail trade updates over the last few days it seems that we are back on to the positive path with the DSG International reporting sales of a TV and computer every two seconds in the 12...
Read More