FCA figures reveal banking-specific complaints have fallen by 12 per cent
Complaints data published by the Financial Conduct Authority (FCA) has revealed that banking-specific complaints to all firms dropped by 12 per cent during the second half of 2012, the lowest half yearly figures since 2006.
A total of 3.4 million complaints were made to financial services firms between July to September 2012, of which 63 per cent were PPI related. Lloyds Banking Group saw the biggest overall reduction with complaints falling by a huge 19 per cent.
Paul Clark, CEO, Charter UK says that the figures published by the new regulator today (15th April), are good news for the industry and customers alike and demonstrate just how much progress the big banks have made with their complaint handling processes.
"Even though a new Which? report made headlines this week for saying that 26% of customers had problems with their current account in the last year, that figure hides the fact that nearly three out of four customers had no problems at all," he commented.
"Today's FCA figures not only support this fact, but also clearly demonstrate that customer satisfaction within the financial service sector is on the rise. The fact that Lloyds Banking Group reported a decrease in complaints of nearly 20% between July and December 2012 is nothing short of astonishing, especially when you consider that LBG is the largest retail bank in the UK."
Mr Clark concluded: "The major banks have been promising to put their customers' needs first for years, and today's figures are proof that they are taking this commitment seriously.
"Smart firms have realised that they need to use a combination of people, processes and systems in order to identify the root cause of customer dissatisfaction and then act on this information to drive meaningful change within the organisation. Based on the results published today, this approach is clearly paying off."