Weekly round-up

06/11/2009

The Financial Services Authority revealed this week that the number of complaints lodged against banks, building societies and other lenders rose to 1.5 million during the first six months of the year.

Complaints about the way banks treat those with mortgage payments shot up by 40 per cent, while nearly 335,000 complaints were lodged about payment protection insurance.

One way that banks can help get onside with consumers again is to have a strong branch network, as research from Deloitte found that a personal service is more important to consumers than rates of interest.

Deloitte's head of retail banking consulting Neil Tomlinson said that bank branches will become key battlegrounds in the war to draw in customers.

Meanwhile, Credit Action revealed this week that lenders are repossessing properties at a rate of one every 11.5 minutes as more and more people struggle to meet their financial obligations.

The charity added that more than 9,300 people are contacting Citizens Advice everyday seeking advice on how to manage their debt problems'>debt problems.

Scotland could be set for a wave of repossessions unless steps are taken to help people.

That's according to Shelter Scotland which claims that a rise in interest rates will see those barely managing to meet their mortgage payments at present suffer greatly and fall into a difficult situation.

• Share
• 
• 
• Store
• 
• Follow
•