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El_Pirata

Surge In Complaints Over Banks By Public

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Complaints against high street banks rose by almost half last year amid growing signs of public dissatisfaction with the sector, which has reported record profits.

The Banking Code Standards Board, which operates a voluntary code of conduct for the industry, said it had received 3,500 complaints and enquiries in 2005 – up by half since 2004.

The board raised the prospect of action by the Financial Services Authority, the City watchdog, against those banks that were not handling complaints in an efficient way.

Officials from the board have already met the FSA to discuss cases where banks have not met the watchdog’s eight-week deadline for dealing with complaints.

The BCSB received 1,200 complaints in the six months from August 2005 to January 2006, of which the highest number were complaints from consumers about rates of interest and penalty charges levied by banks.

The figures come just weeks after the OFT announced a crackdown on credit card lenders and ruled late payment charges on cards were “unfair”. The regulator said these charges were “unlawful” and generated annual profits of £300m for the industry.

The regulator has given the industry until the end of May to respond to its proposal to limit all such charges to a maximum of £12 – less than a third of the penalties currently levied by many leading lenders.

In a move which has also infuriated the banks, the regulator has also ordered them to consider curbing penalty fees on overdrafts and mortgages.

“Given the BCSB is often contacted only as the last resort, we were concerned that our figures could be the tip of an iceberg,” it said in its latest bulletin.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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