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When did you last complain about your bank?

Even though the UK financial sector touches all areas of our lives, it seems that very few people in the UK have actually followed through with their complaints regarding financial investment, financial services and the financial sector as a whole. Recent figures from the Financial Services Authority (FSA) show that while having record complaints passed to the regulator, more and more people are happy with the answers provided by their bank when the initial complaint is reviewed.

However, the revelation that 60% of all complaints passed to the FSA are upheld in favour of the customer is a little worrying. Let's not forget, these are the complaints which have been reviewed by the banks themselves and rejected at which point customers can either let their complaint go or they can approach the FSA for an independent ruling.

The vast increase in the number of complaints which have been upheld by the FSA would appear to show that possibly some UK banks are not being as objective as they could be. New regulations coming in next year will force banking institutions to reveal the number of complaints they have received, those which have been accepted and those which have been rejected. We should certainly be in for some interesting reports!

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