Bank Complaints Soar
Banking watchdog says consumer complaints about high street banks are soaring
3rd May 2006
Banking industry watchdog the Banking Code Standards Board have said that consumer complaints about high street banks rose by 50% last year, highlighting increasing dissatisfaction over charges and bank profits.
High interest rates and penalty charges were among the most common complaints, and complaints over the way banks handled other grievances accounted for over 100 of the 3,500 complaints received last year. The watchdog has warned that banks may face statutory regulation by the Financial Services Authority if their current regime of voluntary regulation doesn't provide better complaints handling performance.
The banking industry reported record profit figures of £33bn last year, but is increasingly under fire over the level of charges imposed on customers.
Read More: Money Guardian : Watchdog sees rising tide of dissatisfaction with banks
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