Current account complaints up after switching banks

Tim Wallace
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Complaints about current accounts have doubled since the programme came in to allow customers to switch to another bank in just seven days, the Financial Ombudsman Service (FOS) said today.

From April to September a total of 15,771 people complained to the FOS about their current accounts, up from 7,578 in the same period of 2013.

As well as the absolute number of complaints rising, the proportion which were upheld as valid complaints also increased, from 32 per cent to 34 per cent.

Meanwhile the number of payment protection insurance (PPI) complaints dived by almost exactly 100,000 cases on the year.

From April to September this year the FOS received 147,179 PPI complaints, down from 247,399 in the same period of 2013.

However, PPI still makes up 65 per cent of all complaints.

The next biggest category is packaged accounts, which make up 4.7 per cent of complaints, followed by current accounts at four per cent of the total volume. Mortgages are next, making up 3.8 per cent.

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