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News

FOS Recalls BBA Meetings as ‘Disappointing’

With the issue of missold payment protection fortunately having recovered from it’s most volatile period – the members of the British Bankers Association seem to be now responding to the complaints made by consumers – it has been intriguing to hear the reaction from the Financial Ombudsman Service on the confrontation that stalled the PPI world for months.

Bizarrely, the BBA chose Ms Natalie Ceeney to speak at their conference – despite the fact that for much of the last year she has been at loggerheads with them as head of the Financial Ombudsman Service. Now the judicial review has concluded in favour of the FOS, however, it seems the banks were happy to play nice.

Ms Ceeney, though, was keen to stress her feelings over the way the BBA had delayed the refunding of consumer funds, stating that ‘I believe it’s important that banks make significant changes to the way they process and handle complaints in order to build consumer confidence. Customers judge us through the lens of how we treat them when things go wrong, and this is something we need to improve.’

She also stated that ‘I am pleased that we have a clear approach on how to move forward over PPI, and that banks and financial businesses now appear to be fully committed to following that approach. But I am sure that we would all agree it was very disappointing to end up in a court room to resolve the issue.’

For more of the latest news from the UK industry, continue to check into the Creditline Financial website.

Posted by Shaun Edwards on 21 Jul 2011

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