Royal Bank of Scotland (RBS) has been voted the least trustworthy financial services provider for the fourth year in a row by readers of Moneywise.
Almost 50,000 readers gave their feedback on the biggest banks, insurance firms, and peer-to-peer lenders for the Moneywise Customer Service Awards 2017, making it the biggest survey of financial consumers in Britain.
RBS picked up the wooden spoon again for 2017 after being voted the worst financial firm in the country in 2014, 2015 and 2016. It was also voted the worst provider in 2012.
One reader said of the bank: “I had a current account, Isa and savings account with RBS, and I had nothing but problems which were very difficult to sort out and its customer service was terrible.”
The “shocking treatment of small and medium business customers” was also cited as problem with the bank. Branch closures and poor security were other big problems with one customer claiming they “do not feel like a customer, only a commodity”.
In 2016, the Royal Bank of Scotland failed its stress test and was forced to increase its financial strength by £2 billion. By contrast, RBS’s sister bank, NatWest, was voted 10th best out of 22 major providers.
Other financial services providers which were signalled out for being untrustworthy included credit card provider Vanquis, which was criticised for charging high rates and having poor customer service. “High interest rates, unclear and untransparent terms,” complained one reader.
Bank of Scotland was close behind. One reader cited “poor service and communication” while others said its reputation was still tarnished by scandals. MBNA and Barclays completed the top five least trustworthy companies.
Least trustworthy financial services providers 2017
1. Royal Bank of Scotland (RBS)
3. Bank of Scotland
Each of the providers has been contacted for a response.
The Moneywise Customer Service Awards recognises the country’s most trusted and best-respected fi nancial services companies. As Moneywise went to press, the UK’s best financial services providers were set to be announced at a glittering ceremony in London on 22 June 2017. Winners will be published in the August issue of Moneywise and online at www.moneywise.co.uk.