Half of Banks Have No Online Complaints Facility

Banks are making it increasingly difficult for customers to complain about mis-sold PPI.

Just 50% of financial firms and banks give customers the opportunity to file a complaint about payment protection insurance (PPI) claims online according to research conducted by Which?.

The consumer right body found 14 of the 28 providers who are deemed responsible for more than 92% of all complaints, were able to process complaints made through email, with the rest only accepting them via telephone or post.

Last year the Financial Services Authority (FSA) allowed the complaints response time for the UKs biggest high street banks including Barclays, Lloyds TSB and RBS to be increased from eight to sixteen weeks however out of these only Lloyds accepts complaints electronically.

According to the research the biggest complaints which the banks receive are from customers who had their initial PPI claims rejected by the provider or are unhappy with the size of refund they received after paying off their loan early.

We believe there needs to be increasing pressure put on the banks by regulators, forcing them to remove any barriers to consumers trying to make a claim. The fact only half of the major firms and banks offer an online complaints service is unacceptable.

The FSA and the Office of Fair Trading have warned financial providers that they will be paying close attention to future PPI plans. However the FSA is still being referred over 3,000 PPI cases a week with 80% coming from claims management companies.

If you need help making a PPI claim and believe you are entitled to compensation, then Precision Claims can help. Contact our dedicated team today on 0844 704 1945.