View more on these topics

Website comments on FSA taking action against complaint-handling by banks

Letters

For once I am able to congratulate the FSA and say something positive. The way in which banks market products, motivate their staff, engage with the outside world and deal with complaints has long been a disgrace. Let us hope this is the start of a proper investigation into the techniques and dubious procedures used by the banks.
Alan Lakey

One of the few procedures the FSA got right was a common way in which complaints should be handled, so what did the FSA do? It scrapped a common approach in handling complaints to one where each institution has their own. Result was total confusion. The FSA must take some blame.
Graham Carver

OK, so the FSA are addressing the banks’ complaint-handling procedures – what about the fact that, again, there is a big increase in the number of new complaints against banks? That is the real issue, not just how they handle the complaints.
James Lang

The cost of fines get passed on to customers and ultimately the banks are confident that the volume of dodgy sales income is worth far more even a large fine. Maybe a suspension of advice permission for the worst offenders or censure of directors responsible for the offending business areas would make the banks think twice about encouraging poor practice. Not that I think such draconian measures would ever be used against the banks.
Paul Evans

Well, well, well. What with the actions against Carmody and May and now this. Well done the FSA. Mind you, there is nothing like the threat of losing your job to bounce people into action, is there?
Dermot Brannigan

You would think the banks would have a great complaint procedure, considering all the practice they get replying to them.
Rob Mackinnon

Given the FSA’s love of hindsight reviews to paper over its own regulatory oversights, one might expect these five banks to have been ordered to revisit all the complaints they have rejected over the past five years that were not referred to the FOS. That might well reveal many thousands more that should have been accepted and compensation paid.
Julian Stevens

For once I am able to congratulate the FSA and say something positive. The way in which banks market products, motivate their staff, engage with the outside world and deal with complaints has long been a disgrace. Let us hope this is the start of a proper investigation into the techniques and dubious procedures used by the banks.
Alan Lakey

One of the few procedures the FSA got right was a common way in which complaints should be handled, so what did the FSA do? It scrapped a common approach in handling complaints to one where each institution has their own. Result was total confusion. The FSA must take some blame.
Graham Carver

OK, so the FSA are addressing the banks’ complaint-handling procedures – what about the fact that, again, there is a big increase in the number of new complaints against banks? That is the real issue, not just how they handle the complaints.
James Lang

The cost of fines get passed on to customers and ultimately the banks are confident that the volume of dodgy sales income is worth far more even a large fine. Maybe a suspension of advice permission for the worst offenders or censure of directors responsible for the offending business areas would make the banks think twice about encouraging poor practice. Not that I think such draconian measures would ever be used against the banks.
Paul Evans

Well, well, well. What with the actions against Carmody and May and now this. Well done the FSA. Mind you, there is nothing like the threat of losing your job to bounce people into action, is there?
Dermot Brannigan

You would think the banks would have a great complaint procedure, considering all the practice they get replying to them.
<B>Rob Mackinnon </B>

Given the FSA’s love of hindsight reviews to paper over its own regulatory oversights, one might expect these five banks to have been ordered to revisit all the complaints they have rejected over the past five years that were not referred to the FOS. That might well reveal many thousands more that should have been accepted and compensation paid.
<B>Julian Stevens</B>

Recommended

Mann takes over as Skandia chief

Peter Mann has taken over from Nick Poyntz-Wright as the chief executive of Skandia UK. Mann is former chief development officer for Skandia and took up the role from May 1.

House prices stable in April

House prices remained stable throughout April, declining by just 0.1 per cent, following a 1 per cent increase in March, according to Halifax’s latest house price index.

Neptune launches Japan Institutional Fund

By Chris Taylor, Investment Director, Head of Research Neptune is excited to announce the launch of the Japan Institutional Fund on 22 June, having disclosed to the market in March its intention to offer the product. The Fund will be managed by the highly-regarded Chris Taylor, Head of Research and manager of the long-running Japan Opportunities Fund. It will invest in the same underlying stocks as the Japan […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment