Banks Receive More than 8,000 Consumer Complaints Each Day

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Banks Receive More than 8,000 Consumer Complaints Each Day

A recent report from the Financial Ombudsman Service shows that consumers are becoming increasingly unhappy with the services they receive with the banks. The report showed that more than two million consumers have filed complaints with the large banks in 2013. The banks received an average of 8,000 complaints every day.

Many Serious Problems Remain

The banks have repeatedly assured their customers that they have reformed their practices. However, the surge in complaints clearly shows that the banks and other financial institutions still have some serious problems to resolve. Even more worrisome is the fact that about a quarter of the complaints turned into major cases that required lengthy investigations.

The FOS said that the volume of new claims has more than tripled since 2009. The total figures would be much higher if PPI claims weren’t dropping. However, the chief ombudsman said that PPI claims are still unacceptably high and unlikely to decline in the near future. Approximately 75% of total claims against the banks were related to mis-selling of payment protection insurance.

Confidence in Banks Remains Very Low

The banking industry’s assurances that it has taken steps to address PPI mis-selling and other serious problems hasn’t convinced many consumers. The banks are still receiving more complaints than any other institution.

Many consumers have adamantly said that they have lost faith in the banking system. A 2012 poll showed that a majority of consumers said that they will not trust a bank again for at least a decade. More recent polls and the steadily rising volume of complaints show that their feelings have probably not changed since. Recent scandals and mistakes such as Barclays claims handlers intentionally denying legitimate claims has only continued to hurt their reputation.

The banks will need to take some significant measures to make real reforms. Until customer satisfaction improves and scandals are resolved, customers are probably going to remain disenfranchised.

COVID-19 ANNOUNCEMENT

MARCH 23RD 2020

At this time we are continuing business as usual however our team will now largely be working from home. This limits our phone contact availability. Customer support remains available Monday to Friday but please email in to info@oraclelegal.com with your query. We aim to get back to you within 48 hours. On receipt of PPI refunds our fees remain payable and can be paid via our website www.oraclelegal.co.uk/payments/ or via BACS. We are also working on some other areas of potential claim for you in connection with your PPI and will be in touch shortly where applicable to present this to you.

IMPORTANT:The last day we can accept a new claim is Friday 23rd August – midday – to ensure the paperwork is properly processed and lodged with your lender before the cut-off time.