Customers 'complain about UK banks every few seconds'

28 September 2012

Customers are complaining about UK banks every few seconds, it has been revealed.

According to the Financial Services Authority, grievances associated with lenders jumped by 59 per cent in the first six months of 2012, reaching a total of 3.6 million.

It was found that in addition to gripes related to the mis-selling of payment protection insurance (PPI) climbing to 2.2 million, protests regarding general banking and credit cards also escalated in the first half of the year.

Peter Vicary-Smith, chief executive officer at Which? - a consumer interest group with more than 50 years of experience in the industry - claimed the PPI furore now represents the biggest financial scandal of all time.

Mr Vicary-Smith stated: "The banks must set aside more money for PPI claims and make it easier for customers to get back what they are rightly owed, without any hassle."

Consumers in the UK continue to be short-changed by these financiers, he added.

By Asim Shah

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development