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Bank claim: Consumers could claim easier

The government is making it easier for consumer groups, including small and medium-sized enterprises (SMEs), to complain about financial scandals.

It has opened up a fast track route to the Financial Conduct Authority (FCA), so that consumer groups can report on financial scandals more easily. Consumers can also expect a response from the FCA within 90 days.

The FCA is being put together to regulate on the behaviour of financial services in relation to consumers.

Financial scandals have seen billions of pounds set aside by major banks to pay to consumers as investigations have revealed mis-sold banking products.

One of the biggest financial scandals that has affected consumers is the mis-selling of payment protection insurance (PPI). It was found that major banks had been selling PPI to consumers who either were not eligible for it or did not need it.

Earlier this year, a scandal was also revealed where banks had been mis-selling interest rate hedging products to small businesses.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801555549-ADNFCR

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