Two UK banks are on the verge of being handed out severe penalty for mistreatment of customer complaints. Confirming the development, the FSA (Financial Services Authority) has stated that the discrepancies have been unearthed at five banking groups in the UK. Of these, two have been referred for additional scrutiny. Five others are currently revising their complaint handling procedures.
The prevailing belief amongst the consumers has always been that manhandling of their complaints was a common practice in banks. Adding fuel to the fire was another tidbit suggesting the release of incentives for members of the banking staff who were successful in warding off compensation payments, even when the bank was at fault. The senior management’s inability to manage and connect with the complaints and procedures departments has also been criticized.
Although the FSA is yet to name the banks in question, based on the volume of complaints received last year, speculations are rife that the list includes banks such as Abbey, Barclays, HSBC, Lloyds bank and Royal Bank of Scotland.
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