Wednesday, 28 April 2010

FSA refuses to name and shame Rogue Banks

The Financial Services Authority, already largely discredited as a "City Watchdog", was (supposedly) set up to root-out bad practice and protect the public from corruption in the Financial Services Industry by firm regulation.
However, this priveleged institution, made up largely of Bankers and Financial Services Professionals seem reluctant to "name and shame" the FIVE High Street Banks it has judged to have failed to meet MINIMUM standards of good practice in dealing promptly and fairly with customer complaints.
Presumably the FSA takes the view that if WE knew which banks were first "ripping us off," and then "fobbing us off", we might take our business elsewhere !

Duh-uhhh !!!! THAT's THE WHOLE POINT ISN'T IT ???

This is what the FSA found in MOST BANKS when it lifted the gold-brick:


  • A lack of senior management engagement and accountability for the delivery of fair complaint handling;
  • Poorly designed staff incentive schemes that made branch staff reluctant to pay redress to customers, even in situations where the bank was at fault;
  • Poor quality complaint handling by staff in branches and general call-centres leading to inadequate investigations, poor decision making as to the outcome of the complaint and unsatisfactory correspondence with customers;
  • Complaint handling procedures that led to staff issuing multiple, repetitive responses to customers, forcing them to restate their complaint a number of times in the face of ongoing negative responses from the bank;
  • The failure of banks to learn from previous complaints and to make changes to prevent similar complaints arising in the future.
So what about YOUR BANK ?..... Oh come on, get real!.. this information is (it seems) strictly "Need-To-Know.... Customers Excluded"

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