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Consumer complaints against the high street banks rose by nearly 50% last year
amid growing concern about dissatisfaction with the sector.
The Banking Code Standards Board (BCSB) received 3,500 complaints and enquiries
during the year, and has hinted at the prospect of action by the FSA against
banks that fail to handle complaints efficiently.
The BCSB received 1,200 complaints in the six months from August 2005 to January
2006 alone, of which the highest number were complaints from consumers about
rates of interest and penalty charges.
The figures come just weeks after the OFT announced a crackdown on credit card
lenders and ruled late payment charges on cards were “unfair”. The regulator
said these charges were “unlawful” and generated annual profits of £300m for the
industry.
The BCSB said that complaint figures appear to have stabilised so far for 2006,
but at a new, higher level.
Source:
Getting Paid
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