Banks get a bouquet

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Often at this time of the year bank advisers get a brick bat from the Banking Ombudsman – but not this year.

Monday, December 29th 2003, 10:22PM

Rather Banking Ombudsman Liz Brown gives the banks a bouquet in her December newsletter, and like many other people this year, thanks the markets.

At the start of the year her office had an influx of complaints to investigate, particularly about investment advice in the context of poorly performing managed funds.

“There have almost disappeared as funds begin to recover in value,” she says.

"While this has contributed to the drop in new complaints, more important is the fact that almost all banks now have an internal complaint-handling procedure that is adequately resourced and has a strong emphasis on customer service."

Brown says this is the first time in some years that I have no major concerns about the operation of any bank’s internal complaints process, and it is clear from the drop in cases coming to me that banks are operating effectively to resolve most complaints without the need to refer them to the Banking Ombudsman."

Brown says that now she is getting fewer complaints about investment advice the make up of the office’s caseload has reverted to the familiar mix, with complaints about home loans, cards and the general conduct of transactional accounts making up about 70% of the office’s work.

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