Bank complaints soar, FSA finds

07/09/2009

New figures from the Financial Services Authority show that complaints against British banks have increased by 122 per cent in the last three years.

As household debt burdens soared to record levels right before the beginning of the credit crunch, the behaviour of the banks seemed to get worse.

From just over 600,000 complaints in the second half of 2006, complaints rose to 1.3 million in the first half of 2007 – and hit 2.9 million during 2008.

Complaints from bank customers about overcharging rose even more sharply – shooting up by 259 per cent from the end of 2006 to the middle of 2007.

While the FSA reported that a higher percentage of complaints were being rejected last year than in 2006, the Financial Ombudsman Service has said that 60 per cent of the complaints it dealt with in the year to the end of March 2009 were upheld in favour of the consumer.

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