Which? response to the bank complaints data issued by the Financial Conduct Authority

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 the same problems occurring in the future. We hope the introduction of the new faster switching guarantee will force banks to compete for customers, improve their customer service and offer better products.”

Background

  1. According to the Financial Ombudsman Service, during the first quarter of the financial year 2013/2014 consumers reported 159,197 new complaints to them – an increase of 179% on the same period last year, when FOS received 57,076 new complaints.
  2. Banks only have to report complaints which have not been resolved by close of business on the working day after they are received.

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