US credit card complaint system would greatly benefit the UK

US consumers are able to look at any credit card providers complaints that are made against them allowing them to take control of their credit, so the question is would it be helpful if the UK firms were to make the same service available to Britons?

Of course, there is a bit more to it than just this, such as knowing how quickly a firm deals with problems and knowing how many problems a credit card provider has open, but you will not be able to do this in the UK even though it does sound like a nice idea.

In the US the Consumer Financial Protection Bureau is in charge of this department, a group that operates much like the Financial Ombudsman in the UK. It makes it easy for consumers to look at any complaints filed for credit cards and can even track them by post code.

In addition, it also shows how the company responded, if the complaint was disputed, and how they responded to help a consumer judge if they want to deal with this bank or credit card issuer. This information can be helpful in figuring how what type of credit card company is the best fit for you.

However, right now this type of service is not available in the UK and there are no plans to change the process any. The UK Financial Ombudsman instead is happy with its process; which includes publishing data on complaints that it receives about businesses and business groups every six months.

They stated in a formal statement that the reason that they only publish every six months is that they believe that only final formal decisions should be published because these are the best reflection on how a business operates.