Financial Complaints Revealed
The UK’s financial services sector has received nine million formal customer complaints over the past three years according to figures released today. The Financial Services Authority (FSA) has not published the data before, and now that it has, reveals the extent of customer dissatisfaction in the UK and shows that it is getting worse.
Banks, building societies, insurers and retail investment firms provide the FSA with their complaints figures every year and until now, these would have been kept confidential. However, next year the FSA is going one step further and will publish complaints data on individual firms.
Over the three years, complaints regarding current accounts were by far the most common and accounted for 3.5 million complaints followed by mortgage endowments, credit cards, general insurance and car insurance, whereby alleged delays, disputed amounts, misleading advice, administrative failings, over-charges and poor customer service were the most common complaints.
The FSA said that standards need to improve.
Source article;
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6820107.ece