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PPI scandal 'damaged consumer confidence in banks'

British banks will have to regain the trust of consumers in the wake of the payment protection insurance (PPI) misselling scandal, the rigging of Libor rates and interest-rate swaps.

This is according to chief ombudsman at the Financial Ombudsman Service Natalie Ceeney, who said at Consumer Credit Counselling Service fringe events at the Labour and Conservative Party Conferences that the public's faith in the sector has been shaken "to the core".

She revealed that in the last three years, bank charges, credit card charges, mortgage endowments and PPI claims have accounted for more than half of the ombudsman's workload.

Furthermore, the organisation deals with some "pretty horrible cases of personal hardship", Ms Ceeney added.

She argued banks and other financial organisations ought to see any complaints they receive as being legitimate, adding: "Our own evidence shows that the majority are justified."

Furthermore, companies should be willing to learn from any problems their customers have and use them to "put things right", the specialist stated.

Recently, a survey from Which? found 67 per cent of people do not believe a banker would lose their job if they cheated or lied.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801467388-ADNFCR



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