Private banking complaints revealed by FSA

The numbers of corporate and private banking complaints have been revealed by the Financial Services Authority (FSA).

Between July and the end of December last year, the overall level of complaints by banking customers increased to 2.6 million, while grievances about banking products shot up to 2,014,371.

According to the FSA, customer complaints were at such a level during this period because of a backlog of issues concerning unauthorised bank charges.

Indeed, the FSA previously said it had found weaknesses at five banks of the handling of customer complaints and the independent, non-governmental organisation said significant changes had to be made.

The total amount of redress paid by firms stood at £284 million. Of this figure, £144 million was for pure protection and general insurance products.

Previously commenting about corporate and private banking complaints, the FSA’s director of conduct risk Dan Waters said: ’It is vital that customers know that if something goes wrong, their complaint will be dealt with in a reasonable way and that they will get a fair outcome.’ADNFCR-2318-ID-19772594-ADNFCR