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Uswitch comments on FCA complaints data

Commenting on the publication of the Financial Conduct Authority’s (FCA) latest complaints data, Tom Lyon, money expert at Uswitch.com, says: “PPI remains the most complained about financial product making up nearly three in ten of all complaints. Despite the deadline for complaints set for August 2019, there is still a long way to go before a line can be drawn under this mis-selling scandal.

“The rise in credit card complaints, from 6% to 10% of total complaints, could be a result of our growing reliance on credit in the UK – with recent figures showing that Brits currently rack up £20 million of debt each day. To ensure these complaints don’t spiral out of control, banks must help customers better understand the options available to them – by providing clear notice of any charges they incur, for example.

“The latest report is the first to include complaints that were resolved by the end of the following business day, but the numbers don’t tell the whole story. Our research shows that staggering six million Brits have resorted to a claims management company instead of lodging a complaint directly with their bank, as many believe the complaints process would be too complicated.

“To help consumers feel more empowered to take their complaint directly to their bank, and to avoid the extortionate fees which claims managers charge, banks must make the process as straightforward as possible.”

Find out how you could save over £1,000 a year with Uswitch here.

FOR MORE INFORMATION

Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR

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