Consumer complaints reported by financial services firms fell by 500,000 between the second half of 2012 and the first half of 2013, according to the Financial Conduct Authority (FCA).
Data shows 2.9 million complaints were made in the first half of 2013. This is compared to the 3.4 million reported in the previous six months – a fall of 15%.
The FCA found that 51% of complaints were upheld, with £2.55 billion of redress paid to consumers. The vast majority – 92% – of complaints were also closed within eight weeks. This is the highest percentage since the data was first published in 2006 suggesting banks are beginning to deal with complaints more efficiently.
The five most companied about firms accounted for 1.3 million complaints. This included Barclays, Lloyds TSB, MBNA, Bank of Scotland and Santander, although all registered a fall in the number of complaints when compared to the previous report.
Payment protection insurance (PPI) continued to be the most complained about product, accounting almost two-thirds of new complaints.
Martin Wheatley, chief executive of the FCA, said, “We expect firms to put their customers at the heart of their business – an important part of this is the way they handle customer complaints.
“Publishing complaints data is a powerful tool that helps encourage competition between firms to improve their service to customers.”
Despite the fall in complaints organisations have pointed out that the overall number remains high.
Richard Lloyd, executive director at consumer group Which?, 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 Ombudsmen 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.”
Banks may soon face tougher targets, according to London-based FusionExperience. Freddie McMahon, head of innovation and strategy at the company, said, “The ‘positive’ news that the figures are improving disguises the reality that the pace of change may not be enough to appease the regulator.”
The introduction of the account switching service, which allows people to move their money in seven days, could increase competition for consumers amongst banks and lead to better customer service and fewer complaints.
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years