3 May 2006
The number of complaints against high street banks has soared by almost 50% in the last year, according to the Banking Codes Standards Board (BCSB).
The industry watchdog said that it had received 3,500 complaints and enquiries in 2005.
According to the BCSB the highest number were complaints were about rates of interest and penalty charges levied by the banks, which are bound by a voluntary code of conduct with the watchdog.
The BCSB said that it may refer banks to the Financial Services Authority (FSA), which has powers to impose fines and penalties, if the situation does not improve.
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