You are here: Home - Saving & Banking - News -

Barclays and PPI dominate complaints list in first half of 2016

0
Written by: Paloma Kubiak
06/10/2016
Consumers made more than two million complaints about financial service firms in the first half of 2016 with Barclays Bank and Payment Protection Insurance (PPI) topping the charts.

The Financial Conduct Authority (FCA) has today published complaints data from banks, insurers, lenders and other financial service providers and it showed a total of 2.05 million gripes were recorded between January and June 2016.

While the data shows a 2.6% reduction in new complaints compared with the previous six months, consumers received a total of £1.96bn in redress, however, this is 1% lower than the amount paid between July and December 2015.

PPI continued to be the most complained about product with more than 927,000 gripes noted, but this figure was 0.5% down from the previous half year.

Complaints about current accounts saw the largest reduction – 46,000 or 10% to nearly 408,000.

The top five most complained about firms in the six months to June, excluding consumer credit, were:

  1. Barclays – 287,463 (an increase of 3% since the second half of 2015)
  2. Lloyds Bank – 213,163 (a decrease of 7% since the second half of 2015)
  3. Bank of Scotland – 173,646 (a decrease of 5% since the second half of 2015)
  4. HSBC – 124,891 (an increase of 3% since the second half of 2015)
  5. Natwest – 121,197 (a decrease of 10% since the second half of 2015)

By product group, the firms with the largest number of complaints opened in the first half of 2016 were:

  • Barclays received 124,361 complaints about banking and credit cards
  • Bank of Scotland received 9,894 complaints about home finance (mortgages and equity release products)
  • Barclays received 153,718 complaints about general insurance and pure protection (including payment protection insurance)
  • The Prudential Assurance Company received 6,161 complaints about decumulation, life and pensions
  • Barclays received 3,422 complaints about investments

Christopher Woolard, director of strategy and competition, said: “To see another six months of reduction in the total number of complaints is encouraging.

“Firms still need to continue to ensure they are doing all they can to reduce consumer dissatisfaction, but the figures show firms are taking our feedback seriously.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
A quarter of interest-only borrowers face mortgage shortfall

Interest-only mortgage borrowers who may not be able to pay back their loan are being warned to take action.

Close