Loan complaints up

Complaints against banks are continuing to rise, led by criticism about loans and overdrafts (up 26%) and default charges, says the Banking Code Standards Board, which oversees a voluntary code of conduct.

The BCSB received 2,242 complaints and queries about code-related matters in the year to March.

The BCSB says there are concerns that UK banks have lent too freely to consumers, who could struggle to pay back unsecured loans as interest rates and household bills rise.