Is there a problem with the UK banking complaints system?
Despite the fact that the Financial Services Authority (FSA) last week confirmed that a number of UK banks were under investigation regarding the handling of customer complaints, we have yet to hear the identity of those banks in question. A number of UK entities have already ruled themselves out of the running although others have been less forthcoming with details. As a consequence, UK consumers are still unaware of the identity of those UK banks with "inadequate" complaints procedures - even after the FSA confirmed that 25% of complaints were poorly investigated.
We should at some stage see the identity of these banks in question revealed but at the moment there is confusion and concern in the marketplace. The problem for UK consumers is the fact that the complaints procedure in the financial sector, and other areas of the UK economy, is supposed to be transparent and user-friendly. However, it is also becoming clear that some banks don't actually follow through on customer complaints and attempt to "nip them in the bud" before they reach the regulatory level.
The one positive factor out of this review by the FSA is the fact that we should see a totally revamped UK banking complaints system in the future.
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