How does your bank rate for customer service and quality of financial advice? If its services are leaving a little to be desired, speak up now and we’ll feed your thoughts back to the FSA.
Figures just released by the Financial Services Authority (FSA) show that banks received over 1.6m formal complaints from their customers in the first six months of this year.
That’s over 7,000 complaints every day! But given that everyone in the UK has a bank account, are these figures really that high or are banks actually doing an ok job?
Name and shame the bad banks
This is the first time the banks have had to reveal the total number of complaints made against them, and it’s something we’ve been campaigning for. We hope that by naming and shaming the worst offenders they’ll improve their service, while those banks with the least complaints will benefit.
So we’d be interested to know whether your bank is one of those at the top of the complaints list, and whether this changes your view of them. And are you one of those millions of people who have needed to make a complaint?
What’s most interesting about the figures is the nature of the complaints reported. Around 1.3 m complaints were due to poor customer service, poor financial advice or the mis-selling of financial products. These are all issues you raised with us at last year’s Big Banking Debate – and areas where we’re campaigning for change.
How could your bank be better?
We’ve heard from many of you about how levels of customer service have deteriorated and how banks only want to talk to you to when they’re trying to sell you something.
That’s why the Which? banking manifesto demanded that sales incentives and commissions for bank staff should be banned and that branch and call centre staff should be rewarded for providing good customer service.
We’ve called on the FSA to enforce this, so it was great to hear that they’ll be reviewing banks’ practices. We’re meeting with them to discuss this and will be putting forward the stories you’ve told us, including any comments made here on Which? Conversation.
So do you believe that sales incentives lead to poor customer service? Or are you happy with the customer service given by your bank? Tell us now and your thoughts could make it to the FSA.