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Which? is calling on the Competition and Markets Authority (CMA) to ensure its retail banking market investigation goes beyond fixing the basics and commits to testing a range of measures to make the market work for consumers. In its new submission to the CMA’s inquiry into Personal Current Accounts, Which? says that as a minimum the […]
Three in five Which? members have experienced bank fraud and our latest investigation shows banks can be inconsistent when it comes to handling fraud claims. We surveyed over 3,000 people about their experiences of card fraud and worryingly three in five (59%) had experienced fraud, with 64% of these having been targeted in the last […]
Which?’s annual survey of the UK’s 100 biggest brands has revealed that energy and telecoms providers are the companies rated among the lowest when it comes to customer service. We asked 3,501 UK consumers which companies ranked highest for customer service and those who could do with pulling their socks up. After coming second to […]
Which? executive director, Richard Lloyd, said: “Banks have suffered a series of unacceptable failures with their IT systems in recent years and this latest one at HSBC will do little to reassure consumers that banks are making improvements. It’s essential regulators continue to take tough action to ensure banks properly maintain the payments system we […]
Which? executive director, Richard Lloyd, said: “We expect that Barclays will be the first of several big banks to set aside millions in extra provisions for PPI, as the industry continues to woefully underestimate the size of this scandal. “It’s wrong that consumers are forced to use alternative routes to get redress, but we’re going to be hearing the same story year after year […]
Many of Britain’s biggest banks and building societies have shown a woeful lack of up to date knowledge about tax on savings, with two of the largest providers only scoring half the available marks in our tests. From next April, 95% of savers will no longer have to pay tax on their savings, but until […]
Which? executive director, Richard Lloyd, said: “Nobody should have to pay a premium to complain, so we’re pleased the FCA is making financial firms play fair with their customers. This is another victory for the 90,000 people who supported our Costly Calls campaign. “Some of the biggest banks have already dropped higher rate numbers for […]
Which? executive director Richard Lloyd, said: “These guidelines show the regulator’s clear intention to inject some much needed trust and accountability into the banking sector. “We’ve long campaigned for action to clean up banking culture, including holding individuals responsible for wrongdoing to account. We now need the industry to step up and the regulator to […]
Which? executive director, Richard Lloyd, said: “Irresponsible behaviour was rife in the banking industry for far too long, so it’s good to see the Governor of the Bank of England calling for stronger penalties for those responsible for scandals like exchange rate rigging. “The banks must also work much harder to win back consumers’ trust, and to […]
Which? executive director, Richard Lloyd, said: “It’s unacceptable that Lloyds continuously let its customers down by failing to resolve legitimate complaints quickly and fairly. Today’s fine should be a red flag for any banks that are stopping people getting back money they’re rightly owed. The regulator must continue to force banks to change their culture so failings like this aren’t […]