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Financial Ombudsman criticises UK banks

The Financial Ombudsman has today issued a report on the UK banking sector and the way in which potentially legitimate complaints are handled. It is believed that tens of thousands of perfectly plausible and reasonable complaints are either ignored or "kicked into the long grass" by the banking arena in the UK. The allegations are serious to the extreme because ultimately the Financial Ombudsman is in charge of overseeing the financial complaints system in the UK.

There have been suggestions that some UK banks have been less than forthcoming with regards to their complaint numbers and indeed specific information on general complaints has been difficult to confirm. Many customers in the UK eventually, due to various hurdles put in their way, give up on the complaints procedure which is exactly what some banks are looking for because this can potentially save them significant amounts of compensation if they're proven to be "in the wrong".

If you have a legitimate complaint about banking services or investment services in the UK then you should pursue these with the alleged perpetrator and if you are unsuccessful in obtaining a reasonable answer to your query then the Financial Ombudsman should be the next port of call. While it would be wrong to suggest that all banks have been less than forthcoming with complaints data there are growing concerns about how customers are being treated.

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