Banks are a big letdown.CONSUMERS who were unhappy with banking and loan products accounted for more than half of complaints made to financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firms in the past two years. Yesterday was the first time the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. published figures about the complaints the industry receives. They peaked at 2.02million during the first six months of 2007 - the time when a campaign to encourage people to reclaim unauthorised overdraft charges gained momentum. Complaints against financial services firms rose by 5.7 per cent between 2006 and 2008. Four out of 10 were decided in consumers' favour. Payment protection insurance Payment Protection Insurance (PPI) is a type of insurance that provides an income to maintain a borrower’s debt repayments in the event of an accident or sickness that prevents them from working, or unemployment. was another big cause for dissatisfaction, with complaints more than doubling during the period. Phil Jones, personal finance campaigner at Which?, said: "It's a poor reflection on the industry that there are so many unhappy customers." But Maggie Craig, of the Association of British Insurers, pointed out that there was just one complaint for every 1200 policies during the second half of 2008. |
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