Tuesday, January 11, 2011

DO SA Banks get Nailed for poor performance mmm!

So could this happen to Standard Bank or ABSA or FNB or Nedbank or heaven forbid Capitec mmmmm

NatWest and RBS fined £2.8m for poor complaint handling

NatWest and its parent, Royal Bank of Scotland, have been fined a total of almost £3m by the City regulator for "multiple failings" in their handling of complaints.

The banks have been ordered to pay £2.8m for responding inadequately to more than half the complaints reviewed by the Financial Services Authority (FSA). The fine would have been £4m if the banks had not agreed to settle at an early stage in the investigation.
The FSA's investigation found that there was an "unacceptably high risk that customers may not have been treated fairly due to a number of failings within the banks' approach to routine complaint handling".
The failings included delays in responding to customers and "poor quality" investigations into complaints, with complaint handlers failing to obtain and consider all the appropriate information when making their decision, the FSA said.
The banks also failed to fully address all of the concerns raised by customers and failed to explain why complaints had been upheld or rejected. Customers were not told of their right to refer complaints to the Financial Ombudsman Service within the appropriate time period.
The investigation also found that the banks did not give complaint handling staff adequate training, while the monitoring of complaint handling in branches and the management information produced was ineffective in assessing whether customers were being treated fairly

Comment The Telegraph

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