Britain’s worst banks named and shamed

 

Royal Bank of Scotland has been placed joint bottom of a league table of UK banks ranked on customer service.

Alongside Clydesdale, RBS received the worst ranking by customers, with only 49% willing to recommend the bank to friends and family. First Direct came top of the list, with 85% of customers satisfied with the service. The list has been compiled by the Competition and Markets Authority, and banks are required to display their rankings in branches, and on mobile apps.

Fewer than half of Royal Bank of Scotland’s customers would recommend its customer service to friends and family, according to rankings published for the first time.

The Competition and Markets Authority has published the figures in a bid to increase competition in the sector.

RBS is joint bottom of the personal banking league table, along with Clydesdale.

It is also at the bottom for business banking.

A review of retail banking in August 2016 by the competition watchdog ordered lenders to publish customer ratings figures twice a year.

There are 16 banks in the rankings for personal accounts and 14 for business banking.

A spokesperson for RBS said: “We are aware we have more work to do in order to improve our service standards and deliver a better experience for our customers.”

The bank is “investing in improving the products and services we offer our personal and business customers” through the UK’s first paperless mortgage and a digital lending platform for small businesses.

The results, from a survey of personal and small business customers, must be displayed in banks’ branches, websites and mobile apps from today.

 

The CMA had said consumers could save up to £92 a year if they moved their account.

 

The rankings were published as RBS said it would pay a dividend to shareholders for the first time since the final crisis after agreeing a $4.9bn (£3.8bn) settlement with the US Department of Justice. It centred on the way than bank sold mortgage-backed securities, or loans packaged up into bonds and sold to investors, between 2005 and 2008.

RBS was bailed out by the government at the height of the financial crisis and taxpayers still own about 62% of its shares.

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