Mike Fotis

When did second-rate financial products become acceptable? We must get better at complaining

When asked recently by a waiter if I was enjoying my pizza, I replied: ‘It’s great, thanks.’ But I was lying. It tasted no better than a £2 supermarket pizza, and I was further put off by a rather persistent fly hovering above the table.

While we’re all good at moaning – a reassuringly British sign as we head further down Brexit Road, and Donald Trump becomes the most powerful man in the world – we’re dreadful at doing it publicly or in a way that actually makes a difference.

But for the good of the financial services industry (and Newcastle’s Pizza Express), we need to stop putting up with the mediocre. In fact, accepting the mediocre has become a deeply entrenched threat to the financial products and services we rely on.

Consumer voting in the British Bank Awards is currently showing an 82 per cent overall satisfaction rating across retail banking, in large part because just being OK has become enough. Even business banking, a well-known source of pain, currently enjoys a 67 per cent satisfaction rating. If the majority of us have effectively given up looking for better products and services, and now view all banks as more or less the same, then there’s surely no point switching current accounts. There’s no point welcoming more banks to the arena either. Sure, some are bigger than others, but they’re all a bit grey, aren’t they?

In a bold move, the Financial Conduct Authority (FCA) has stepped up to try and stop the rot from setting in, and to drive up standards in the industry. But the City watchdog needs our critical feedback to make this a real game-changer.

Following consultation with firms, PS15/19 is now live. This admittedly dull sounding policy statement contains some hidden gold. It ensures that all complaints will be reported to the FCA (previously only grievances not handled within three business days were reported).

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