RBS ranked last in bank league tables

RBS (LON:RBS) has been ranked joint last in a personal banking league table, tying with Clydesdale.

The Competition and Markets Authority (CMA) has published the table for the first time, after the regulator ordered lenders to collate the figures twice a year in August 2016.

With respect to quality of services, 49 percent of RBS personal customers said they would be likely to recommend the bank to friends and family. Clydesdale also came in joint last with 49 percent.

Meanwhile, HSBC-owned First Direct was ranked at the top end of the ranking, with 85 percent customer satisfaction.

Out of Business customers, only 47 percent of those with RBS would recommend the bank for service quality. Conversely, Handelsbanken topped the ranking at 84 percent.

Adam Land, senior director at the Competition and Markets Authority, said: “For the first time, people will now be able to compare banks on the the quality of the service they provide, and so judge if they’re getting the most for their money or could do better elsewhere.”

A RBS spokesperson 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 also said it was “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.”

Back in June, the UK government sold a 7.7 percent stake in RBS, worth £2.6 billion. This it reduced the state’s ownership of the bank from 70.1 percent to 62.4 percent, a decade after 2008 bailout measures.

The latest ranking comes amid news that the bank had agreed to pay $4.9 billion (£3.6 billion) to settle a US Department of Justice investigation into the mis-selling of mortgage-backed securities. 

Shares in the bank are currently trading -2.70 percent as of 12.46PM (GMT).