The FSA has been called for by the FSCP to take timely measures to make sure that banks' complaint-handling procedure is improved.

Adam Phillips, chairman of FSCP, emphasized that a great number of banks have made attempts to obstruct the proposal that would let complaints data to be published.

According to his suggestion, consumers have the right to know about such loan providers, with one of the best ways of exposing them is reporting important information about real state of things when consumers make complaints to their banks.

Furthermore, the recent FSA report revealed that most banks were not taking complaints into consideration, and as a result, consumers suffered.

Adam Phillips believes that such financial institutions will be forced to handle consumers’ complaints in the most efficient way possible as soon as complaints information can be viewed by the general public.

He made his comments after the FSA informed about five major banks having been chosen for further action concerning the complaint-handling procedures.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.