Consumers right on the money as they scoop £2 billion in compensation as UK bank complaints soar
They say ‘money talks’ and when it comes to complaints, it seems that it has a lot to say.
A few months ago, it was reported that UK banks have recently had to reimburse more than £2 billion to dissatisfied customers in just half a year as complaints have risen to a shocking rate of 515 per HOUR.
In total, banks have had to pay out an incredible £2.25 billion, which is an increase of £1.8 billion compared with 2010. The figures were published by the FSA (Financial Services Authority) and highlight a profit-hungry industry rather than one concerned with the consumer rights of their customers.
Mis-selling of PPI, credit cards, store cards and mortgages were among the reasons for complaints and an overwhelming 1.3 million related to insurance complaints.
General banking was also an area that did not impress, with 787,000 complaints made. Customers were reported to have complained about everything from unjustified charges to poor customer service.
Which? Executive Director, Richard Lloyd stated: ‘Today’s complaints data is evidence that some banks are still failing to treat their customers fairly when things go wrong. We now need to see the banks take action and deal with these complaints quickly and efficiently.’
In the meantime, what are consumers supposed to do when these banks are ‘dragging their feet’? Almost all of them will be left out of pocket and frustrated.