FSCP describes banks' handling of complaints as "lamentable"

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FSCP describes banks' handling of complaints as "lamentable"

The Financial Services Consumer Panel (FSCP) has called for the Financial Services Authority (FSA) to take swift action to ensure that banks' procedures in dealing with complaints is brought up to a reasonable standard.

Adam Phillips, chairman of the organisation, highlighted how many financial institutions have attempted to block the proposal that would allow complaints data to be published.

He suggested that such lenders need to be exposed and one way of doing this is to report meaningful information about what is happening when people make complaints to their banks.

"This FSA report shows that the way banks are handling complaints is lamentable, and can cause real suffering to consumers," remarked the FSCP representative.

In his view, the behaviour of such organisations will change if complaints data is put under public scrutiny.

His comments were made in response to an FSA announcement that five banks have been singled out for further action, following a review of the complaint-handling procedures of many of the major banking institutions.

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