Barclays was hit by more complaints than any other financial services firm in the second half of 2015, as more than 279,000 customer grievances flooded into the bank.
The Financial Conduct Authority (FCA) revealed the figure this morning (March 30) in its latest complaints data for financial services firms.
While Barclays topped the complaints table with 279,561 complaints, Lloyds Bank was second with 230,041, followed by Bank of Scotland with 182,702.
National Westminster Bank and HSBC Bank were fourth and fifth, with 135,262 and 120,986 complaints respectively.
The most complained about products and services between July and December 2015 were:
1. Payment protection insurance – 932,298 complaints (up six percent compared to the previous six months);
2. Current accounts – 454,276 complaints (down 10 percent on the same period);
3. Other general insurance – 296,505 complaints (down three percent compared to the first half of 2016);
4. Credit cards –132,988 complaints (up nine percent).
In total, including all firms and products, 2.11 million new complaints were made between July and December 2015.
Overall, there was a decrease of 1.4 percent in all complaints compared to the previous six months. This was mainly driven by a 10 percent drop in complaints about current accounts and a 15 percent fall in complaints about savings accounts.
Christopher Woolard, director of strategy and competition at the FCA, said: “It is positive to see that the longer term reduction in the volume of complaints has continued into the latest period.
“Firms seem to have taken on board our previous feedback on levels of complaints and we are slowly seeing firms address these issues.”
He added: “However, firms still need to do all they can to reduce complaints and ensure that they are working in the best interests of consumers.”
The total redress paid to consumers fell to £1.97bn between July and December 2015, which is slightly lower than the £1.98bn paid between January and June 2015.
The fall in redress payments was mainly due to a two percent fall in payments related to general insurance and pure protection products, which includes PPI. This accounted for almost 82 percent of complaints redress payments.
Banking and credit card grievances increased by almost 27 percent and home finance complaints were up 17 percent.
By Marcel LeGouais