Barclays investment complaints jump 77% in 2011

Barclays has reported a 77 per cent rise in investment complaints made about the firm to the FSA in 2011.

The group saw 7,194 complaints made in 2011 compared to 4,067 in 2010. Barclays was fined £7.7m in January 2011 over the sale of two Aviva funds.

The group also saw a 102 per cent increase in general insurance and pure protection in 2011. The group saw 196, 684 complaints in 2011 with the majority of complaints related to payment protection insurance.

Complaints relating to decumulation, life and pension products rose 34 per cent  in 2011. The firm received 4,511 complaints in 2011, compared to 3,359 in 2010.

The group has seen a 31 per cent fall in banking complaints, while home finance complaints fell by 12 per cent in 2011.

Barclays retail and business banking chief executive Antony Jenkins says: “We made a commitment to put customers at the heart of our business and improve customer service. Tackling complaints is our top priority and today’s figures show real sustained progress on delivering on our commitments, with a reduction of over 30 per cent in Banking complaints.

“We can and will do more to improve service and go further and faster to drive down complaints. We are aiming for further significant reductions in underlying complaints in the first half of 2012 as we continue on our journey to get it right first time, every time, for our customers.”