PPI complaints are down - current account gripes are up!
The banks that do business in the UK don't seem to know their arses from their elbows at the minute, which shouldn't surprise us really. One thing they'll be pleased about is the news that PPI complaints are finally on the way down. About time.
However, while they've been sorting out that mess, they've created another, with half a million bank customers complaining about their current accounts in the first half of the year. Quick reminder that it is easier to switch than ever before.
Not only that, pension complaints are also rocketing upward. There's new rules where you can be more flexible with your pension money, but it seems the banks aren't being very smart about the way they let people control their own affairs. There's also investigations into pension fraud, which is hot at the minute.
While PPI complaints drop off, after the banks collectively doled out £24bn in compensation to try and say sorry, there were still 883,043 complaints about payment protection insurance in the six-month period, according to Financial Conduct Authority figures. If you think you're in for some compo over PPI and haven't got it sorted yet, you'd better hurry as there's likely to be a time limit put in place - you can find out how to claim your PPI compensation here.
While current accounts get an overhaul from all banks, this has seen them lumbered with having the second highest level of complaints in the first half of the year, with 506,326 concerns hitting building societies and banks - that's a jump of 31.6% from the previous period. In the same time, decumulation, life and pensions products attracted 73,055 complaints which is a spike of 19.7%. Credit cards also went up, by 11.1%.
"The decrease in the overall number of complaints is driven by a drop in PPI claims, but overall the figures are still far too high and it’s particularly worrying to see current account complaints continuing to rise," said Richard Lloyd, the main cheese at Which!!!
"Banks must step up their efforts to ensure that they deal with issues quickly and fairly and stop the same problems happening repeatedly."