Banks face fines for poor service

bagsacash

Banks will face fines for poor treatment of their customers when the City watchdog takes over regulation of retail banking conduct in November. The Financial Services Authority (FSA) will replace a voluntary banking code with its own rules for banks, building societies and credit unions.
It said this would ensure customers were treated fairly, be kept informed and make it easier to switch accounts.
The body which represents the banking industry welcomed the proposals.

http://news.bbc.co.uk/1/hi/business/8017194.stm


Dear me is this the end of banking, they'll be filing for bankrupcy after 12 months of continuous fines for shody service.

baby_boomer

So let's get this straight.

Taxpayers will fund the FSA to fine the banks so that taxpayers have to support them for longer and run more risk of losing more of our money

And I thought the budget promised that government would cut wasteful expenditure.

dunstonh

Its a bit of a stupid article really because all FSA authorised firms can be fined for activities under FSA regulation. It doesnt mean they will be and the FSA doesnt fine for trivial matters typically. It tends to fine on widespread or major failings. The sorts of areas that the banks are prone to failings have been under FSA regulation for over a decade and they have been missed and ignored by the FSA in that period. So, its daft to think that the FSA covering switching bank accounts and the like is really going to make a difference.