FSA reveals latest round of complaint data: Banks are determined to improve says Charter UK CEO
28.09.2011
In response to the FSA's latest 'name and shame' report revealing Barclays Bank topping the table for the highest number of complaints, Charter UK CEO Paul Clark insists the industry is taking customer complaints seriously.
'It is no surprise to anyone within the financial services industry that complaints have risen again over the last 6 months. Banks are now facing a 'Perfect Storm' in terms of how they sell their products in the future, formed of three different elements - PPI mis-selling, regulatory changes to complaints handling and the FSA's tougher stance on overall financial regulation.
However, Charter UK have seen a huge shift in the way that companies are treating customer complaints. The industry is now looking at this issue more seriously and beginning to see how they can learn from complaints. There is a large overall investment being made in the sector in terms of better systems and technology. More importantly, companies are now realising how brand and reputation can be damaged by bad complaints handling which must be addressed. The number of complaints recorded is one thing, the way a company deals with their complaints is another thing altogether. With better systems in place and a proactive approach, companies can start to see the benefits in using feedback captured by complaints. The data may look ominous but the attitude of the industry is changing for the better.'
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