Banks accused of 'exploiting' customers

20 February 2004
Major high street banks have been criticised for not providing customers with an adequate level of service, particularly after the Royal Bank of Scotland's recent announcement of record profits.

Complaining about products and services the Consumers' Association has criticised major high street banks for not looking at consumers needs.

Spokesman for the association, Mick MacAteer said although there was competition within the banking sector, customers were not benefiting from it, because banks were not working towards satisfying them.

Mr MacAteer, speaking on ITV's Early Evening News, claimed: "'The big banks are exploiting the stranglehold they have on the high street to sell consumers overpriced with poor service... there are much better deals in there and consumers should shift."

RBS announced profits this week of almost £7 billion before tax and is now the second largest bank in the UK and fifth biggest in the world.