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Finance analysis: 7,000 a day are upset by banks

Good complaints handling standards should be the rule and not the exception in the banking sector, says Sheila Nicoll, director of conduct policy at the Financial Services Authority.

An FSA report that revealed 1.3 million grievances were lodged against banks in the first six months of this year – an average of more than 7,000 a day.

Sub-standard service and poor advice on insurance and mortgages are among customers’ chief com-plaints. Santander was named as the worst major High Street bank at dealing with complaints within eight weeks.

All retail banks provide car buyers with loans in person or via websites. Some have specialist divisions operating within the motor industry (the proportion of complaints relating to motor loans has not been given).

This is the first time the FSA has forced banks to disclose the number of complaints against them. The watch-dog, which wants to improve customer service by naming and shaming offenders, is proposing new rules to improve complaints procedures.

The complaints league is topped by Lloyds Banking Group, which includes a number of brands. It received 288,717 complaints in the first half of 2010.

Other totals: Barclays 245,348, Santander 244,978, Bank of Scotland/HBOS 115,638, Lloyds TSB 146,846 and NatWest (almost 84,300).

New TFC 'vision and values'

The Funding Corporation (TFC) closed for 24 hours this month to brief all 250 employees from around the UK on its new ‘vision and values’.

It is now SAF (specialist automotive finance) approved by the FLA.

The Chester-based group includes sub-prime car retailer ACF Car Finance, Cygnet Financial Services and a debt collection agency.

David Challinor, TFC managing director, said: “We wanted to shape the company to the values they have told us mean the most to them. We have provided staff with even greater opportunity for future self-development.”

Challinor claimed TFC demonstrated a pioneering approach for the finance industry by adapting the business to meet the desires and needs of its staff. He said TFC staff turnover of 2.6% in the 13 months to August compared with a UK average
of 13.5%.

 

 

 

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