March 29, 2018 / 6:29 AM / in a year

UK Finance launches review of bank complaints and disputes procedures

LONDON, March 29 (Reuters) - UK Finance has appointed Simon Walker to lead an independent review of the way British banks handle complaints from small business borrowers, the trade body said on Thursday.

The review will focus on disputes between financial services providers and customers that remain unresolved by existing complaints procedures and which may be too small to take to court.

A slew of high profile scandals including the alleged misselling of complex interest rate risk management products and the mistreatment of troubled borrowers for financial gain have left relationships between some banks and some of their small business clients at a low ebb.

UK Finance said it hoped the review would identify alternative solutions that would be capable of producing fair outcomes for both small-to-medium-sized enterprises and lenders.

“All banks have robust complaint arrangements which attempt to put things right quickly, apologise and, if appropriate, offer some compensation for costs incurred and payment in recognition of distress and inconvenience,” UK Finance said in a statement.

“However, in some cases complaints go unresolved to the satisfaction of the customer or cannot be dealt with by this internal procedure,” the trade body said. (Reporting By Sinead Cruise, editing by Simon Jessop)

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