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The Financial Services Consumer Panel (FSCP) has called on the government to increase transparency in the banking sector following the publication of complaints data by the Financial Services Authority.

Chair of the body Adam Phillips noted that the intended replacement of the watchdog with the Consumer Protection and Markets Authority provides a good opportunity for more information to be afforded to consumers, so as to help them make more effective choices.

According to the FSCP, it was only a voluntary agreement between the FSA and the banks themselves that led to the revelation of the statistics, which indicated that approximately 1.3 million grievances had been received by financiers in the last six months, with Lloyds found to be the worst offender by racking up nearly 290,000 gripes.

"[People] have the right to know about the level and type of complaints made against banks," he continued. "Only when [they] are empowered enough with the right sort of information can they choose banks which will treat them fairly."

01/10/2010 14:01