New research from Consumer Focus indicates that three-quarters of customers with a grievance against their bank make a complaint, but 47% of those who complain are happy with the response they receive.
The banking industry attracted more than 1.25 million complaints in the first half of 2010 alone. The consumer watchdog found that despite being dissatisfied with the initial response from their bank, 31% of people then pursue the complaint further. Of these, just 9% take their complaint to the Financial Ombudsman Service. This is despite evidence suggesting that if consumers do pursue their complaint they can receive a better result than they might expect.
Research on consumers who have used the Ombudsman service shows that nearly three-quarters feel it provides a “fast and efficient service”” and that consumers receive compensation in half of the cases it reviews.
