In an unconventional acceptance of bad news, the British Bankers' Association (BBA) has welcomed the recent report from the Banking Code Standards Board (BCSB), which revealed almost a 50 per cent rise in the number of complaints received about banks last year.
The BBA said the seemingly negative announcement was in fact positive. It was more an indication of the awareness of the existence of the BCSB than an indictment of the standard of banking practises, argued Joanna Elson, BBA executive director.
"An increase in complaints to the BCSB simply shows that the public are becoming more aware of the watchdog," she said.
"We think it is a good thing," Ms Elson continued. "A proportion of the calls are simply enquiries, not complaints about individual banks."
The BBA did not comment on further concerns raised by the BCSB regarding the way individual banks were handling complaints made about their services, which was also revealed in the bulletin.To read more about banking, click here.
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