Banks slated over customer gripes
The UK's biggest High Street banks have been severely criticised by the main City regulator for the poor way they deal with their customers' complaints.
The Financial Services Authority said five of the banks, who are unnamed, had agreed to make big improvements.
Two are being investigated further and may suffer large fines.
The FSA blamed a lack of interest by senior bank management, bonus schemes that inhibited staff from paying compensation, and poor decision making.
"While we found some good practice, there is clearly evidence of unacceptable standards of complaints handling in banks," said Dan Waters, the FSA's director of conduct risk.
"Delivering change in this area is a major priority and we are determined to use all the tools available to us to ensure that banks comply with our rules," he warned.
Source: BBC News
