Banks and Building Societies Handling 19,550 Complaints A Day

Banks and building societies are handling an average of 19,550 complaints a day according to a recent FCA Report. These include complaints from those who have looked to get a mortgage, insurance, investments and general banking services.

Complaints recorded within the financial industry grew significantly over the first half of this year, according to the Financial Conduct Authority (FCA). The report revealed the number of complaints handled by banks and building societies rose by 59% to 3.58% million, mainly believed to be a result of the deluge of payment protection insurance (PPI) complaints. A total of 2,232,294 PPI related complaints were received during the first half of 2012, reflecting a huge rise of 129% compared with the last half of 2011.

A spokesperson for the British Bankers Association said: "Banks have increased their resources significantly to handle these complaints without delay to ensure that decisions are made as swiftly as possible. At the same time they are writing to customers they believe may have been miss-sold PPI policies in the past advising them of their right to complain. Banks are committed to resolving complaints fairly, swiftly and effectively and restoring their customer relationships."