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Alex Neill, Managing Director of Which? Home & Legal Services, said: “The regulator has finally acknowledged the considerable consumer harm caused by bank transfer scams. However, while recognising that the industry is not doing enough, it has failed to adequately address the issue of liability and has let the banks off the hook, giving them […]
Which? research finds that high street banks have closed more than 1,000 branches across the UK in the past two years as customers go online and banking services are offered at Post Offices. As the Griggs report finds that banks could do more to support local communities when they shut branches, new Which? research […]
New Which? research finds that major high street banks have failed to adopt two-factor security steps that could safeguard their customers from scams. Bank fraud is booming. In 2014-2015 losses soared by 64% to £133.5m for online banking and 28% to £323.3m for phone banking yet some of the major high street banks are failing […]
Today Which? is making the first super-complaint to the financial regulators calling on them to ensure banks better protect customers who are tricked into transferring money to a fraudster. UK consumers now make over 70 million bank transfers a month, compared to just over 100 million in a whole year a decade ago. However protections […]
Alex Neill, Director of Policy and Campaigns, Which?, said: “The PPI scandal has been one disaster followed by another, it is the country’s biggest financial scandal with a wholly inadequate redress scheme. “If a PPI deadline is to be introduced, when millions of pounds are still being set aside for payouts, the FCA must work with […]
Alex Neill, Which? Director of Policy and Campaigns, said: “The huge number of PPI complaints still going to the ombudsman is yet more evidence that the systems the regulator and banks have put in place have not worked. Too many people have been driven to use claims management companies (CMC’s) that are taking a large […]
Alex Neill, Which? Director of Policy and Campaigns, said: “After 18 months this inquiry achieved little more than to propose basic information measures that the big banks should have introduced years ago. Steps to stimulate switching are welcome but the chance to deliver better banking for all consumers has been missed. “The ball […]
Which? executive director, Richard Lloyd, said: “This inquiry is now looking like a lost opportunity to deliver better banking for consumers. We are disappointed that the CMA appears unwilling to take action to control unfair, punitive charges faced by unauthorised overdraft users. More information and prompts are simply not enough. “The regulator should use this further extension […]
Which? today launches its ‘We Deserve Better Banks’ campaign calling for coordinated action by the regulators, government and industry to: Ensure banks listen to their customers about the quality of service and culture they expect; Give customers better tools to put them in control of managing their money; Tackle unfair unauthorised overdrafts. Our latest banking customer surveys […]
Which? executive director, Richard Lloyd, said: “It’s been clear for years that banks should be working much harder to resolve PPI claims fairly and a time limit must not reward those that have dragged their heels over paying out compensation. “If a timebar is introduced, the FCA must make sure all banks carry out a […]