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13/09/2012
Ombudsman Has 'Serious Concerns' Over Bank Handling Of Compliants
The government's financial-services watchdog warned yesterday that banks and other financial institutions are getting worse at dealing with complaints from the public.
Financial Services Ombudsman Bill Prasifka said the high number of complaints and the outcome of the watchdog's findings were of "serious concern".
"Trends indicate deterioration in complaint handling by financial institutions, and increased dissatisfaction by consumers across a number of areas," Mr Prasifka said.
Complaints about payment protection almost doubled during the first half of 2012.
In the first six month of this year, the ombudsman's office received 3,700 complaints, 5% more than in the last half of 2011.
Of those:
• 499 related to mortgage products, primarily trackers and repayment terms
• 410 to payment protection
• 288 to pensions
• 263 related to motor insurance
• 170 to travel insurance
• 143 complaints about credit cards
• 240 about household buildings insurance
(H)
Financial Services Ombudsman Bill Prasifka said the high number of complaints and the outcome of the watchdog's findings were of "serious concern".
"Trends indicate deterioration in complaint handling by financial institutions, and increased dissatisfaction by consumers across a number of areas," Mr Prasifka said.
Complaints about payment protection almost doubled during the first half of 2012.
In the first six month of this year, the ombudsman's office received 3,700 complaints, 5% more than in the last half of 2011.
Of those:
• 499 related to mortgage products, primarily trackers and repayment terms
• 410 to payment protection
• 288 to pensions
• 263 related to motor insurance
• 170 to travel insurance
• 143 complaints about credit cards
• 240 about household buildings insurance
(H)
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