Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

British Financial Sector Hit By 9m Complaints

Recommended Posts

http://business.timesonline.co.uk/tol/busi...icle6820107.ece

The UK financial services industry has been hit by a blizzard of nine million formal customer complaints in the past three years, figures revealed today.

The data, which has never been published before, from the Financial Services Authority (FSA) reveals the scale of customer dissatisfaction in the UK and shows that it is getting worse.

Complaints in the second half of 2008 grew by 5.8 per cent to 1.48 million — equivalent to more than 8,000 every day — with banks repsonsible for two in every three complaints.

Banks, building societies, insurers and retail investment firms have for years provided the FSA with complaints figures, but these have been kept confidential until now, with the publication of aggregated figures. Next year, the FSA goes a step further and will publish complaints data for individual firms.

Over three years, complaints about current accounts were by far the most common, accounting for 3.5 million complaints. Mortgage endowments, credit cards, general insurance and car insurance also elicited a huge volume of unhappy customers.

The speed of complaints handling was roughly stable, as was the proportion of complaints upheld in the customer's favour — about 40 per cent.

Alleged delays, disputed amounts, misleading advice, administrative failings, overcharging and poor customer service were the most common gripes.

Standards needed to improve, the FSA said.

Standards across the whole of banking need to improve.

Share this post


Link to post
Share on other sites
http://business.timesonline.co.uk/tol/busi...icle6820107.ece

Standards across the whole of banking need to improve.

"Yes, those shares I bought didn't go up. I'd like to complain."

"What do you mean if I have an interest only mortgage I still owe what I borrowed after 25 years. I'm reporting you to the ombudsman"

"What do you mean my fire insurance doesn't cover me for holding an indoor firework party"

"What do you mean my Home and Contents Insurance Policy for Owner Occupier doesn't cover me for damage done by tenants I let the house to."

Share this post


Link to post
Share on other sites
"Yes, those shares I bought didn't go up. I'd like to complain."

"What do you mean if I have an interest only mortgage I still owe what I borrowed after 25 years. I'm reporting you to the ombudsman"

"What do you mean my fire insurance doesn't cover me for holding an indoor firework party"

"What do you mean my Home and Contents Insurance Policy for Owner Occupier doesn't cover me for damage done by tenants I let the house to."

Hi Mike (and everyone else).

It's good to be back after a long break in the US of Disney.

Back on Topic: I wonder however how many of these are from a pro forma to be found on MSE asking to reclaim bank charges?

Edit to add, probably not far off the 3.5 million quoted in the article (blush).

Edited by bobthe~

Share this post


Link to post
Share on other sites
Guest Parry aka GOD
"Yes, those shares I bought didn't go up. I'd like to complain."

"What do you mean if I have an interest only mortgage I still owe what I borrowed after 25 years. I'm reporting you to the ombudsman"

"What do you mean my fire insurance doesn't cover me for holding an indoor firework party"

"What do you mean my Home and Contents Insurance Policy for Owner Occupier doesn't cover me for damage done by tenants I let the house to."

It's going to be a very big waste paper bin to handle this lot.

Share this post


Link to post
Share on other sites
http://business.timesonline.co.uk/tol/busi...icle6820107.ece

Standards across the whole of banking need to improve.

of course

if the banking cartel was broken up and barriers to entry removed

the competent would survive

instead we have the government bailing out the incompetent - ends in disaster methinks

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   295 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.