In a speech at the British Bankers Association (BBA) complaints seminar held earlier today, the Consumer Panel’s Mike Dailly urged banks to seize the opportunity to deliver cultural change in order to rebuild trust and reconnect with consumers.
Dailly (pictured) said: “Recent figures published by the FCA show a small decrease in consumer complaints about banks, but there is a still a long way to go
“Complaints to the Financial Ombudsman Service about current accounts, for example, rose by 34% between 2012 and 2013. Two-thirds of complaints about PPI are upheld by the Ombudsman, which shows a lot of banks are still trying to shirk their responsibilities to consumers.”
Dailly, who chairs one of the Consumer Panel’s working groups, went on to suggest that the way complaints were dealt with was a reflection of the health and governance of any organisation:
“Ultimately, consumers don’t want to complain in the first place, and it’s worth remembering that most people don’t complain, but they do share their bad experience with around nine people on average, so good complaints handling is essential to avoid reputational damage.”
The Consumer Panel believes that particular attention needs to be given to complaints in three areas: mis-directed payments; accounts that have wrongly been declared dormant; and accounts that have been forcibly closed by banks without explanation.