Results for Banks tag

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 […]

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 […]