Customers want tougher rules on bank accounts

By Joel Stanier

A meeting between members of the public and the Parliamentary Commission on Banking Standards, organised by Which?, has highlighted a number of key concerns that customers have regarding their banking services.

In the meeting, the Commission asked members of the public how they felt about the way their bank treats them, the information they receive about products and services, sales practices and their experiences when making complaints through their bank.

One of the main concerns raised was the issue of being charged for an account. Many people don't feel they should pay for the most basic banking services, and don't believe a monthly fee would put an end to unfair interest or overdraft charges.

Many people also complained about being hassled to buy additional products when making basic requests for information about their accounts. And loyalty also came into question, with some long-term customers angry that their bank had failed to show understanding during difficult times.

Some complained about 'faceless banking' - the lack of personal service from staff who knew very little about their circumstances.

And some thought that tougher rules are needed on regulating both bankers and banking services. Many people were not fully aware of existing regulations, and would like a visible code of conduct that account providers would have to abide by.

Which? executive director Richard Lloyd said: "It is important that the Commission hear directly from the public about how they have lost trust and confidence in the banking sector and have just had enough of being short changed by banks.

"We are campaigning for Big Change in banking, to put customers first, not bankers. Consumers' best interests must be at the heart of reforms to the financial sector to prevent the public suffering from further mis-selling and scandals."

Tags: bank accounts, Parliamentary Commission on Banking Standards, which

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