The story of UK banks is the one that just keeps on giving.
While we may be shocked by the LIBOR scandal (even though – let’s face it – we don’t really understand whether we have lost out or benefitted by the bankers’ manipulations) and stand aghast at various episodes of mis-selling and worse, what really matters to you and me is the service provided, well, to you and me.
If I complain about a bank will anything actually happen? Is there actually anyone there to complain to? Or someone who actually gives a damn?
All of us grumble to each other but many actually make formal complaints to the banks themselves. They are obliged to publish the figures. The latest make startling reading, with massive increases among the Big Five, including those in public ownership.
Lloyds managed an impressive 860,000 (up 146% on last year), RBS 492,000 (up 128%) and Barclays 442,000 (up 76%). HSBC and Santander lagged a little in this table of shame.
I have no idea whether my own complaint about Barclays is included in the list. Given the way they handled it, I rather doubt it.
Basically I queried a couple of transactions, to be met by incomprehension and indifference, two false claims that they had tried to phone me, slapdash paperwork and the baffling suggestion that someone might have stolen my debit card in order to pay my phone bill. In the middle of all this they also refused to deal with me at all because they had wrongly recorded my personal security details: the bank even took the trouble to write and blame me for this particular error.
Meanwhile the man I pay to look after my affairs as a ‘premium account customer’ was blissfully unaware of any of the run around with his colleagues in the anti-fraud department. His only intervention was to ring me after all the shouting was over to try and sell me something. He told me this sort of thing happens (well, that’s okay then) and, no, he isn’t kept informed if I make a complaint.
Actually I don’t really care as I have done something I should have done years ago. I have changed banks. I have moved to a bank whose CEO does not help himself to an 8 figure salary, which has not been heavily fined by the regulators, which has not been accused of profiteering from hunger and whose share dealings are not being investigated by the Serious Fraud Office.
In answer to your questions: no, it wasn’t to another big Five bank and yes, it really isn’t hard. Politicians should stop saying discouragingly that changing banks should be made easier – it is already very easy.
Actually, if the 2.2 million people who made complaints over the last year just upped sticks, I suspect the banking sector would soon start to remember its customers again.
And that really would help the economy.
* Chris White is a Hertfordshire County Councillor and Deputy Leader (Policy) of the Liberal Democrat Group at the Local Government Association