FSA name and shame firms with most complaints: But are banks actually that bad?
Naming and shaming the banks that get the most complaints makes great headlines but Charter UK CEO Paul Clark questions whether that's really fair.
Clark explains; 'Banks operate in a regulated environment. This means that customer complaints will always be an issue, as banks have a legal duty to capture and log complaints – supermarkets by contrast do not.
Whilst big numbers may suggest big problems, it would seem the banking sector actually receives relatively few complaints overall – 0.5 per cent of banking customers make a complaint each year, compared with 2 to 3 per cent averages across other sectors.
Furthermore in the UK Customer Satisfaction Index produced bi-annually by the Institute of Customer Service , financial services usually scores quite well so isn't the real story just how few complaints the banks actually get?
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