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Peter Vicary-Smith, Which? group chief executive, said: “We welcome Sir Richard Lambert’s proposals to bring about a big change in the culture of British banking, so that the customer is once again put first, not bankers. An independent, transparent organisation to start a race to the top in professional banking standards is vital if we […]
Which? calls on the Government to force banks to make it easier to compare the cost of running a current account to increase competition, as our new research reveals consumers can’t calculate unauthorised overdraft charges. We asked consumers to work out the total cost of using an unauthorised overdraft at the 12 biggest banks’ main […]
In response to the FCA fining Lloyds Banking Group for ‘serious sales incentive failings’, Which? executive director, Richard Lloyd, said: “It’s right that in this case the Financial Conduct Authority is taking strong action by imposing their largest fine. This should send a clear message to the banking industry that mis-selling won’t be tolerated and […]
Which? executive director Richard Lloyd said: “Although the number of complaints to banks are falling, which is welcome, the figures are still far too high and appeals to the independent Financial Ombudsman Service continue to increase. “We want banks to deal with complaints swiftly and fairly and to explain what steps they are taking to stop […]
Responding to the creation of a professional body on banking standards, chaired by Sir Richard Lambert, Which? chief executive Peter Vicary-Smith said: “We welcome an independent body to instil professional and ethical standards in banking. This should help to repair consumer trust in this essential industry, which has been eroded following scandal after scandal. “Sir Richard Lambert will […]
Responding to the latest figures on financial complaints from the Financial Ombudsman Service, Richard Lloyd, Which? executive director said: “The shockingly high uphold rates on PPI claims exposes just how shoddy the complaints handling is at some of the major high street banks. “Despite their claims, banks are failing to clean up their act. The Financial Conduct […]
Today’s announcement from Lloyds Banking Group of an extra £500 million provision for mis-sold Payment Protection Insurance (PPI) now takes total PPI provisions across all banks to a staggering £18.8 billion – more than double the cost of the Olympic Games (£8.9 billion). Total Lloyds PPI provisions now total £7.275 billion. There has been a noticeable […]
In the latest biannual survey of bank customer satisfaction, we reveal those that have made it to Which? Recommended Provider status, and those that continue to let their customers down. Which? surveyed 1,631 members of the general public: · Bank of Ireland came bottom, with a score of just 41%, scoring just two out of five […]
Following the final report from the Parliamentary Commission into Banking Standards (PCBS), Which? finds around eight in 10 (84%) people think the organisation overseeing professional standards should be independent of the banking industry. Which? has found that, while more than half (53%) are confident the Commission’s recommendations will lead to positive improvements in banks, the […]
Peter Vicary-Smith, Which? chief executive said: “These proposals could signal the start of the big change in banking that consumers have been crying out for, but more will need to be done to transform the toxic culture at the heart of this industry. “We welcome the measures on competition and greater senior accountability. But while the […]