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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 […]
Richard Lloyd, executive director of Which?, said: Responding to the investigation in today’s Times over PPI complaints handling at Lloyds bank, Which? executive director Richard Lloyd said: “PPI is already the biggest financial mis-selling scandal of all time and this investigation yet again casts doubt on claims by banks that they are cleaning up their […]
In response to the Financial Ombudsman’s annual review of personal finance disputes, Richard Lloyd, Which? executive director, said: “These shocking figures show banks are still letting their customers down and failing to help consumers with legitimate claims get the compensation they’re rightly owed. “The Financial Conduct Authority must take tough action against any bank found dragging its […]
Responding to the RBS mobile banking app glitch today, a Which? spokesperson said: “Consumers increasingly use mobile banking services to access their accounts and will want to be assured that their money is accessible and safe at all times. These frequent glitches continue to raise questions about how robust and reliable banks’ IT systems are.”
The Consumer Finance Association (CFA) today called on MPs not to class all their customers as “vulnerable”. In response, Which? executive director Richard Lloyd said: “Our research shows that many households are increasingly reliant on high-cost credit to clear existing debts or to pay for essentials like food. “Poor affordability checks and excessive charges are […]
In response to the Post Office announcing it is to enter the current account market, Which? executive director, Richard Lloyd, said: “It’s good to see more choice in banking on the high street and the Post Office must now show they can deliver a genuinely consumer-friendly alternative to the dominant big five banks. If they offer […]
Statement in response to collapse of Lloyds branch sale to Co-op from Which? executive director Richard Lloyd: “This is very bad news for everyone wanting to see more competition in retail banking anytime soon. “The Co-op’s decision is a setback to the Government’s efforts to tackle the unhealthy dominance of our biggest banks. This would […]