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FSA examines complaint handling at RBS

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by Kay Mitchell

The Financial Services Authority (FSA) is to investigate the way Royal Bank of Scotland (RBS) deals with customers’ complaints.

The City Watchdog is to examine “certain aspects” of the way the bank deals with complaints but the bank has said it would fully co-operate.

A spokeswoman for the FSA said: “We are looking at all of the major banking groups and are particularly focusing on the adequacy of complaints handling arrangements and the extent to which these produce the right outcomes for consumers.

“We will be taking action where we find shortcomings,” warned the spokeswoman.

The announcement comes after the Financial Ombudsman Service (FOS) said today complaints rose by 18% in the second half of 2009.

According to the FOS, it received 82,136 complaints between 1 July and 31 December 2009 – a rise of 12,295 compared with the first half of the year.

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News posted: February 25, 2010

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