Survey reveals increase in customer dissatisfaction
by Luke Whitmore, 1st June 2011
A survey released in the wake of the PPI scandal has revealed
that customers have grown ever-less satisfied with their banks.
The report, by the consultancy firm Accenture, showed that the
percentage of bank customers who were pleased by their bank's
conduct had dropped to 73%, down from 84% in 2007. These figures
come after the banks were roundly defeated in a court case
concerning PPI (Payment Protection Insurance) mis-selling, in which
- among other things - they met with fierce criticism for their
poor handling of complaints and attempts to evade paying out
compensation owed to customers.
The number of customers who felt they had good reason to make a
complaint has risen from 14% to 17% - suggesting that even those
who were not wronged in the PPI scandal may have lost some respect
for their bank due to their shoddy handling of the affair.
Furthermore, the results demonstrated that only 58% of customers
would now recommend their bank to others - down from 64% in the
previous study.
With the Financial Ombudsman Service having recently released
figures which show that they received over a million complaints
regarding the conduct of banks in the past year, it is becoming
clear just how disgruntled consumers have become with financial
institutions over the PPI scandal, as well as other relevant
issues.
PPI, or Payment Protection Insurance, is a form of loan
insurance which was mis-sold to many borrowers who did not need it,
want it or - in some cases - even get told that they would be
paying for it. The banks ended up going to court over the issue
after new FSA rules left them in the position of being forced to
pay out to millions of wronged customers, but after the court ruled
against them, they have had to set aside cash for compensation to
those who were mis-sold PPI.
If you have been mis-sold PPI, we can help you to claim PPI compensation.
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