Which? head of campaigns Louise Hanson has called for higher fines and increased naming and shaming of banks that fail to treat their customers fairly.
Speaking at a Lansons fringe event at the Conservative conference in Birmingham this week, Hanson said banks should not receive discounts on fines for cooperating with the regulator.
She said: “There has to be more naming and shaming of banks that continuously do the wrong thing by consumers. The regulator also has to give higher fines and there should not be a discount for banks that cooperate during as FSA investigation. They should be expected to cooperate with the regulator.
“We cannot underestimate the damage done to consumers’ trust in banks by various misselling scandals.
“We had pension and endowment misselling, then more recently we saw bank charges and payment protection misselling. Banks should take on board the complaints they receive and improve the service they offer to consumers.”
“People in the industry have to stop denying that remuneration structures had anything to do with it. It does not help the consumer perception of the industry.
“I would like to see bank staff paid a higher basic salary with bonuses based on outstanding customer service rather than sales targets.”